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Irish insurers enjoy a boom
Page 12
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is Irish insurers made almost nine times the profits of the UK industry between 1983 and 1999, according to a report by the
state-appointed Motor Insurance Advisory Body.
Now a board has been formed to implement 67 recommendations in the report; a further report on CV insurance is due in July.
Irish Road Haulage Association spokesperson Gerry McMahon says they are disappointed that both reports were not issued together: "But we look forward to getting our hands on raw data from the insurance companies," he adds. "Up to now we had louse statistics issued by them in negotiations," he says.
Insurers will have to provide a quote 15 days before renewal date, and issue the insured with a written no claims bonus.
"We can shop around if we know," McMahon. "Until now they just strung us along, until the last minute."
He warns insurance for a tractor and trailer unit in 2001 cost (7:8,800, but renewal demands are now =i17,000.
The IRHA staged a 12-truck protest outside the Irish Insurance Federation offices ahead of the report's publication.