The Junior Finance Minister Michael D’Arcy has refuted claims he has been “asleep at the wheel” regarding the current insurance crisis.
It comes after a Central Bank report revealed that the cost of premiums rose 42% over the last decade.
That is despite a 2.5% reduction in the general cost of claims over the same period.
Minister Michael D’Arcy, who is responsible for the insurance sector, claims that we need more companies to come into the Irish market.
Mr D’Arcy said: “The insurance sector in Ireland is small, we need more competition to come in here…”
“The companies who are saying they are not profitable enough, that is clearly not the case, the insurance companies are very profitable, 9% profit is very handsome.”
“What I want insurance companies to do is to reduce their premiums, treat their customers better, treat their clients better.”