Taken 'for a ride' by rise in premiums

Insurers profit as businesses are going bust

- MICHELLE DEVANE

THE Government is being taken "for a ride" by insurers who are pocketing rising premiums, an industry expert has said.

Peter Boland, director of the Alliance for Insurance Reform, said some progress is being made to reduce premiums, however, overall they are on the up.

The group, which represents civic and business organisations seeking lower insurance costs and reform, gave its verdict as the Government released its third implementation report of the Action Plan for Insurance Reform.

The plan, published in December 2020, set out 66 actions to make Ireland's insurance sector more competitive and consumer-friendly.

Yesterday's report shows that about 90% of actions in the plan have been completed or are ongoing, with the rest initiated.

"Whilst the reforms that they've put in place are having an important impact on the motor insurance side, they are absolutely not having an impact on the liability side," Mr Boland told RTE Radio 1.