An Ennis insurer says a Sinn Fein proposal to pass on savings from reduced compensation awards to customers would harm competition in the sector.
It’s after the Government published its third Insurance Reform Implementation Report, which suggests around 90 percent of the Action Plan for the industry has been completed or is ongoing.
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Sinn Fein claims premiums for businesses and voluntary organisations remain too high despite that, and wants companies to be legally obliged to pass on savings to consumers.
However, Padraic McNicholas, who’s CEO of Munster Group Insurance based on Bindon Street, believes the proposal is unworkable.
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