The Alliance for Insurance Reform is set to be revived, a decade and a half after it was successful in bringing about huge changes. The venture is again being spearheaded by Supermac’s owner Pat McDonagh, amid concerns that the cost of cover is causing firms like shops and pubs to go out of business.
In its earlier incarnation, the Alliance helped to bring unprecedented change in the insurance landscape of this country. They were involved in the creation of the Personal Injuries Board as well as the introduction of laws which made it a criminal offence to lie in court in a personal injuries case.
A spokesman for the group said that it was being revived in order to tackle the pressure that is currently being put on insurance premiums due to fake accident claims and concerns that a minority of law professionals are promoting spurious claims. Experts within the group and indeed the wider industry are also worried that insurers are far too eager to pay out on questionable claims rather than face a lengthy legal battle, due to the fact that there exists a serious inconsistency in judgments and outcomes can be hard to determine in advance.
This venture has been undertaken amid increasing pressure from many within the insurance industry. Insuremyshop.ie and Insuremyvan.ie‘s Managing Director Jonathan Hehir has claimed that shops and pubs may be forced to close if compensation culture is not tackled.
A small minority of professional claimants are forcing commercial insurance premiums up to a level that many organisations are simply unable to pay. Among the members of the Alliance will be Supermac’s owner Pat McDonagh and Minister for Housing, Planning and Local Government Eoghan Murphy.
Jonathan went on to add:
It’s a wicked irony that the economy might be improving but the benefits are being negated by increased litigation from ‘professional’ insurance claimants and a subsequent rise in the cost of insurance.
He said this year could be a bleak one for businesses unless the Government introduces harsher penalties that involve jail time for unscrupulous trip-and-trick fraudsters.The next phase of the Government’s working group on the cost of insurance, set up by Cabinet minister Eoghan Murphy, is due to focus on employer liability and public liability insurance.
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