Cost of Insurance
Updated: Mar 21, 2022
I asked the leader for a debate in the House on the issue of Public Liability Insurance, for businesses but also for community groups.
The cost of insurance has been inflating for years now, and Public liability insurance premiums continue to rise despite a significant fall in the size of injury awards.
A report late last year found that awards have fallen by an average of 40 percent since the problem of disproportionate payouts was addressed by the Government and the judiciary, and that is to be welcomed.
It was the insurance companies themselves that identified the cost of claims as to the key driver of insurance costs, and we have done our side of the deal in bringing those more into line with international levels.
Insurance companies must now act in good faith in return, and pass on this reduction in costs to the insuree, rather than maintaining current premium growth rates and simply pocketing the profits.