It was announced yesterday that the Joint Committee on Finance, Public Expenditure and Reform and Taoiseach is to undertake public hearings to examine the rising costs associated with Irish motor insurance.
The Committee has identified this area as one which requires urgent attention in view of the dramatic rise in motor insurance premiums. This process will take place during the month of September.
Inflation figures released in May of this year from the Central Statistics Office show the cost of motor car insurance increased by 35.5% year on year,
Committee Chairman, John McGuinness said, "The Committee will meet with all of the relevant stakeholders to determine the factors behind the dramatic increases seen in the premiums of policy holders."
He added, "Our work will examine all aspects of the motor insurance industry including how insurance claims are assessed and processed and the impact of the cost associated with these claims, how data is managed between relevant bodies and the effectiveness of current regulation."
Source: www.businessworld.ie
