Fianna Fáil Spokesperson on Finance Michael McGrath TD welcomed the publication of the government's report on car insurance, but has called for swifter implementation of the report’s key recommendations.
The Cost of Insurance Working Group was established last year by Minister of State for Financial Services Eoghan Murphy and has presented its findings to government this afternoon.
Figures released by the Central Statistics Office (CSO) last year indicated that motor premiums were up 38.3% in the year to July.
The CSO figures showed that over the last three years, the average premium rose by 70%.
Mr McGrath commented: "While the government cannot directly control motor insurance premiums, we have always argued it can influence the factors that determine the premium.
However, he went on to express his "deep disappointment" over the report's 2018 target.
"If you look at the experience of setting up the Central Credit Register (several years behind schedule) then this timeline could slip even further," added McGrath in his statement
"The key issue now is implementation. The idea of quarterly reports is a good one, but these should commence in quarter 1 of 2017 and not quarter 3. With each passing day, more and more motorists are receiving their renewal notices in the letter-box with massive hikes in their premium."
The 33 main recommendations from the working group fell under three main themes:
- Protecting the consumer
- improving data availability
- Improving the personal injuries claims environment
- Reducing the costs in the claims process
- Reducing insurance fraud and uninsured driving
- Promoting road safety and reducing collisions
