A key RGDATA campaign for the past number of years has been to get reductions in the cost of shop insurance. This is a long, frustrating process but there have been some developments recently that are giving the Government a new impetus on this issue. The Central Bank has raised concerns that there is dual pricing going on in the insurance industry and the CCPC has separately raised concerns that there may be cooperation going on between companies to gain an unfair advantage on price.
Tanaiste Leo Varadkar is heading up the Cabinet’s insurance sub committee and Cabinet has now agreed to advance plans to increase competition in the insurance industry, introduce tougher sanctions for insurance fraud, increase transparency in the industry and reform of the Personal Injuries Assessment Board.
Separately, the Law Reform Commission has published its report looking at the constitutional feasibility of the Oireachtas legislating to cap personal injury awards, and has deemed this to be constitutionally acceptable. The Personal Injuries Guidelines Committee of the Judicial Council, which is looking at the level of damages awarded for claims, is expected to publish its initial draft guidance by the end of this month. RGDATA put insurance reform at the top of our submissions on the programme for Government and our Budget 2021 submission.