Insurance premiums for personal and business customers must be “slashed” and the Government “finally get a grip” on an industry which has “had its own way for far too long”.
This is the view of the former Mayor of Galway, Labour Galway City West councillor, Niall McNelis, who was responding to a preliminary report showing a drop of 50 per cent in awards in personal injury cases.
According to preliminary findings contained in a new report - the update on the Government’s Action Plan for Insurance Reform, which cites data from the Personal Injuries Assessment Board - the drop in the average award in personal injuries cases happened over the last two months, following the introduction of new guidelines.
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Cllr McNelis [pictured above] said this report, along with the new Judicial Council guidelines, must spur the Government on to reform the industry.
“The time for the insurance industry cashing-in hand over fist is over,” he said. “The Government must ramp up pressure on the industry and extract some fairness for people. It must show it is on the side of customers and insist on a reduction of rates immediately.”
