Everyone knows at this stage that I am no fan of insurance companies – no secret there. It is sad however to only now see a report coming out about profits in the insurance industry accusing it of making excessive profits despite a drop in business. Car insurance is especially profitable for the industry and they have been hiding behind ancient statistics for too long to make their judgments on premiums. It’s time that the government stepped in on this issue once and for all. The third party insurance system needs to be regulated. The PIAB is already making progress toward solving ridiculous claims and legal fees but a regulation of third party insurance is what this country needs more than anything. Third party insurance is covered in registration fees in countries like Australia so there is a working model to learn from. There is no need for people to pay ridiculous sums of money to private enterprises as a result of a government enforced insurance policy. Stop the madness now!!! source: Irish Times
Note: Irish Times article may require login