26th June 2002

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No More Excuses - Time for Action on Insurance

Sinn Fein TD Sean Crowe today said that no further excuses are acceptable on the high cost of motor insurance and has called on the government to immediately act on this issue. Deputy Crowe was speaking following reports today that the Competition Authority is moving towards a full investigation of the insurance industry.

Deputy Crowe said:

``I sincerely hope that any investigation by the Competition Authority results in radical change that will fundamentally reform the cartel that is Irish insurance - But I really doubt it. A report published earlier this year revealed that Irish motorists pay way more than any of our European counterparts. That this situation continues and is actually getting worse is simply not good enough.

``For too long we have heard feeble excuses and explanations as to why nothing has been done to tackle the high cost of insurance in this state. It is time for action. Motorists of all ages are now crippled as a result of the outrageous premiums that are being forced to pay.

``We in Sinn Fein have called for the establishment of a state insurance company that would take responsibility for this sector and ensure that profit is not the only determining factor in this industry. I urge the government to take action on this matter urgently.''

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