The news this week that motor insurance policies are set to go up by as much as 20% is more bad news for young people in rural Ireland and a further indication that the banking and insurance markets are still in turmoil in this country. This week Liberty Insurance announced that they are to shed 270 jobs, and that news comes just a year after the collapse of Setanta Insurance and hundreds of claims are still outstanding after that debacle. Every driver in the country is paying a levy of 2% for the collapse of Quinn Insurance, and now the companies are threatening to increase premiums by 20%. It is not too bad for people in the bigger urban areas who have the option of public transport but in rural areas people have no choice but to use their cars. Young people in particular, who might be lucky enough to have a job, will be hardest hit by this news of an increase. The Department of Finance say that they do not have enough power to regulate the insurance industry properly and I am calling on the Minister for Finance to look into that issue and increase the powers of regulation if necessary. Motorists are paying for the huge mistakes made in the industry in this country for long enough.
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