Greens call for "radical transparency" to cut insurance costs

The Green Party has called for major insurance reforms to cut premiums, following the publication of survey results today by the Alliance for Insurance Reform.

The Alliance's 775-respondent survey showed premium hikes for 75% of those surveyed, with 95% saying that insurers are not passing on savings to customers. 

The Green Party is calling for "radical transparency" reforms to the sector, including: 

Transparency on quotes and savings:

95% of survey respondents said they do not believe insurers are passing on savings. The Green Party wants to see mandatory transparency in how quotes are calculated, along with independent reporting on how cost reductions are being passed on to consumers.

Cost Transparency in Legal Settlements: 

70% of liability claims are still settled via costly litigation. Transparency on fees, timelines and awards would  deter unnecessary delays and incentivise quicker, lower-cost resolutions.

Protecting Community and Voluntary Groups:

Many community organisations face either excessive premiums or no insurance options at all. The Greens want to see alternative providers developed for the sector and pooled risk models to reduce costs.

The Alliance's survey—based on 775 responses—paints a clear picture: despite government reforms, most policyholders have seen no benefit, competition remains limited, and public confidence in the insurance and legal sectors is low.

Green Party Finance spokesperson, Cllr. Michael Pidgeon said:

"The survey shows what consumers and businesspeople know to be true: insurance in Ireland is a rip off. 

"Despite recent reforms, premiums continue to rise with little effective competition in the sector. 

"The government need to bring some radical transparency to the insurance sector: giving consumers, businesses and new insurance competitors the information they need to drive down costs."

Lead author of the Greens' upcoming insurance policy, Mark Lynch, said:

“Insurance should offer protection, not punishment. 

"The current system is failing those who play by the rules. We’ve been hearing this exact message from community halls, sports clubs and small businesses across the country. We need action that puts fairness and transparency at the centre of the system.

"In particular, the government needs to develop out options to reduce runaway litigation costs which are driving up premiums unnecessarily."