An Oireachtas committee that has been studying the insurance industry has said premiums should go down to a level comparable to five years ago, adjusted for inflation.
The Joint Committee on Enterprise and Small Business made the recommendation in its second interim report on reform in the Irish insurance industry.
In today’s report, the committee welcomed the recent falls in costs for private motor insurance and public and employer liability insurance.
However, it also repeated its call for an inquiry into the level of insurance awards compared to other European countries.
The committee is also calling for a dedicated traffic corps to police road safety legislation.
Expressing concern at the rate of uninsured cars in the country, which some estimates put as high as 10% of all cars, the committee said it will examine the possibility of insurance companies informing the Government when insurance for any vehicle is not renewed.
Such a system operates between insurance companies and the Department of Motor Vehicles in New York State in the US.
