Fears New Insurance Levy Will Lead To Premium Price Rises.

Wednesday, 22 September 2021 15:46

The Central Bank says the fund will deal with the risks of insurance companies failing

There are fears a proposed new insurance levy will lead to a rise in premium prices.

The Central Bank and Department of Finance are looking to fund an insurance rescue fund.

However, the move has angered campaigners who fear the cost will be passed on to consumers.

Peter Boland from the Alliance for Insurance Reform says customers have yet to see the benefits of other reforms being implemented in the sector

Plans for the fund to deal with the risks of insurance companies failing, have been labelled 'premature and unnecessary'.

Peter Boland doesn't believe any such a fund is required.

Anger at ‘sneaky’ new insurance levy that could place a further toll on policy-holders https://t.co/MxAQsMmL9Y
— Charlie Weston (@CWeston_Indo) September 22, 2021

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