Insurance calls dominate watchdog's helpline

Over a third of the 4,000 calls received by a consumer financial services helpline in the past seven months related to problems with insurance.

The helpline, established by the Irish Financial Services Regulatory Authority (IFSRA), was set up last May to advice consumers on their rights relating to insurance and banking matters.

The Consumer Director of the IFSRA, Ms Mary O'Dea, told the Oireachtas Joint Committee on Enterprise and Small Business this morning that the main source of complaints was motor insurance.

A total of 33 per cent of all insurance-related problems concerned motorists, while home and travel insurance accounted for another 10 per cent each, she said.

Ms O'Dea said the authority was working to strengthen consumer protection and would be publishing a list of comparative motor insurance rates in the next few weeks.

"This will help increase transparency for the consumer," she said. "We want to make it easier to compare prices which we hope will encourage consumers to shop around."

Ms O'Dea said the authority fully supports the reforms of the insurance industry being proposed by the Tánaiste, Ms Harney. The Minister said last month high insurance costs were one of the biggest issues facing Irish society with negative effects for households, motorists and business and the high costs were costing jobs.

She established a Personal Injuries Assessment Board (PIAB) on an interim basis this week. Ms Harney said yesterday she was confident the board would help to bring down insurance costs when it is fully operational early next year.

The PIAB will make awards in relation to claims where legal issues are not disputed.

• The Consumer Helpline can be contacted on Lo-Call 1890 777 777