Government will consider report on reduction of motor insurance costs

20.12.16

Government will consider report on reduction of motor insurance costs

The Minister of State for Financial Services, Eoghan Murphy T.D., has presented the Cost of Insurance Working Group’s Report on the Cost of Motor Insurance to the Minister for Finance, Michael Noonan T.D.

Minister Noonan has reviewed and approved the Report and will bring it to Government for approval in January with a view to it being published immediately afterwards.

The Working Group, chaired by Minister Murphy will continue to meet in 2017 as the project enters its implementation phase.

ENDS

Tuesday 20 DECEMBER 2016                                                   

Further information from:

David Byrne - Press Officer - pressoffice@finance.gov.ie - 086 026 7978

Note to Editors:

The Cost of Insurance Working Group was established in July 2016 and has representation from: The Department of Finance, The Department of Jobs, Enterprise and Innovation, The Department of Justice and Equality, The Department of Transport, Tourism and Sport, The Central Bank of Ireland, The State Claims Agency and The Personal Injury Assessment Board.

The objective of the Working Group, as set out in the agreed Terms of Reference, is to identify and examine the drivers of the cost of insurance, with particular focus on motor insurance, and to recommend short, medium and longer term measures to address the issue of increasing insurance costs, taking account of the requirement for an economically vibrant and financially stable insurance sector.