Insurance industry is out of control – Codd

A local election candidate has added his weight to calls for massive reform of the insurance sector. Jim Codd, running for Aontu in the Rosslare Local Election Area, said that outrageous insurance quotes are putting SMEs out of business and making it impossible for workers in rural Ireland to cover the premiums for their vehicles to get to work.

“The private insurance industry in Ireland has been described to me as being akin to a mafia operation,” Mr Codd said. “Quotes are apparently delivered on an ad-hoc basis, tailored only to slightly undercut a competitors price. There is no formula that a customer can follow to anticipate the price of annual car or business insurance.”

“We do have an issue with a claim culture in this country. I don’t believe that it is so severe that a businesses insurance can rise by as much as 1000% per annum in some cases. This extreme system of quoting is sending small businesses to the wall and making private car insurance unaffordable for many people.”

“Aontú supports the Alliance for Insurance Reform in seeking to prevent exaggerated and misleading claims and believes these should be pursued through a Garda Insurance Fraud Unit. Aontú also seeks consistency in the calculation of awards at realistic level and also transparency on how premiums are calculated and claims are settled. A national website fitted out with an independent premium calculator would bring a feeling of trust back into the relationship between insured and insurer.”