{"id":12026,"date":"2025-04-02T14:00:31","date_gmt":"2025-04-02T13:00:31","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/?p=12026"},"modified":"2025-04-02T14:00:31","modified_gmt":"2025-04-02T13:00:31","slug":"reform-needed-to-tame-out-of-control-insurance-premiums","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/reform-needed-to-tame-out-of-control-insurance-premiums\/","title":{"rendered":"Reform needed to tame out of control insurance premiums"},"content":{"rendered":"

The rise in insurance premiums against a backdrop of decreasing claims indicates price gouging across the board, according to Social Democrats TD Sin\u00e9ad Gibney.<\/span><\/p>\n

Deputy Gibney, the party\u2019s Enterprise, Trade and Employment spokesperson, said:<\/span><\/p>\n

\u201cWhat we’re seeing in relation to personal injury claims is that they still remain far below 2019 levels, and the average award is also still significantly lower than a few years ago.\u00a0<\/span><\/p>\n

\u201cDespite this, consumers and small businesses are struggling with ever spiralling insurance costs – these increases in premiums can’t be justified.\u00a0<\/span><\/p>\n

\u201cWe need the government to step in and tackle the price gouging in the insurance sector before more struggling businesses are forced to close their doors.\u00a0<\/span><\/p>\n

\u201cMotor insurance premiums have followed a parallel trajectory, exasperating the cost of living crisis for countless households.<\/span><\/p>\n

\u201cThis Minister has talked the talk on this, now he must walk the walk – expecting insurance premiums to fall is not the same as taking action to ensure that they do.<\/span><\/p>\n

\u201cCentral to the concept of insurance is that premiums are dictated by associated risks – this is no longer the case.<\/span><\/p>\n

\u201cIt is clear this process is broken, with insurance companies taking on fewer risks and costs while their policy holders are hit with record premiums.\u00a0<\/span><\/p>\n

\u201cThis is exemplified by Chill Insurance reporting that its pre-tax profits jumped by 538% in just one year.<\/span><\/p>\n

\u201cThis is not a new problem, and we have been waiting long enough for the government to address it.<\/span><\/p>\n

\u201cReal action must be taken to ensure the insurance market is balanced and aids in the development of Irish businesses.\u201d<\/span><\/p>\n

April 2nd, 2025<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The rise in insurance premiums against a backdrop of decreasing claims indicates price gouging across the board, according to Social Democrats TD Sin\u00e9ad Gibney. Deputy Gibney, the party\u2019s Enterprise, Trade and Employment spokesperson, said: \u201cWhat we’re seeing in relation to personal injury claims is that they still remain far below 2019 levels, and the average […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7,497,53],"tags":[],"class_list":["post-12026","post","type-post","status-publish","format-standard","hentry","category-press-release","category-sinead-gibney","category-smes"],"acf":[],"yoast_head":"\nReform needed to tame out of control insurance premiums - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/reform-needed-to-tame-out-of-control-insurance-premiums\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reform needed to tame out of control insurance premiums - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"The rise in insurance premiums against a backdrop of decreasing claims indicates price gouging across the board, according to Social Democrats TD Sin\u00e9ad Gibney. 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