Alliance for Insurance Reform welcomes the publication of the Government’s new Action Plan
‘The Alliance for Insurance Reform welcomes the publication of the Government’s new Action Plan on Insurance Reform’
- Policyholders should not have to wait a day longer to see meaningful and sustained reductions in their premiums.
- In the context of liability claims, we have seen substantial reductions in the volume of claims and size of awards and yet, in the context of record-level insurer profits, it is wholly unacceptable that insurance premiums have not come down.
The Alliance for Insurance Reform welcomes the publication of the Government’s new Action Plan on Insurance Reform. Whilst more time is needed to study its proposals in detail, we want to positively acknowledge this and the previous government’s sustained commitment to delivering a fairer and more affordable insurance market for motorists, businesses, sports, community and voluntary organisations.
The last administration delivered an exceptional programme of reform, the benefits of which can be seen in recent reports from the Central Bank and the Injuries Resolution Board. For liability claims, we have seen substantial reductions in the volume of claims and size of awards and yet, in the context of record-level insurer profits, it is wholly unacceptable that insurance premiums have not come down.
Policyholders should not have to wait a day longer to see meaningful and sustained reductions in their premiums and any attempt to use today’s action plan as reason not to pass on existing savings, must be pushed back strongly against by government.
