Motor and home insurance hikes: Derry Sinn Féin representative calls for action to curtail price rises

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Action is needed to reduce the crippling cost of insurance for families, workers and businesses, Sinn Féin Councillor Sandra Duffy has said.

Councillor Duffy was commenting after the Assembly this week endorsed a Sinn Féin motion calling for an investigation into recent insurance hikes and also calling for a reduction in the rate of Insurance Premium Tax set by the British Government.

She said: “I very much welcome the Assembly’s endorsement of Sinn Féin’s call for action on soaring insurance costs which are causing huge difficulties for many workers, families and small businesses who are already struggling with the ongoing cost-of-living crisis.

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Motorists and householders have seen huge hikes in their premiums despite not having made a claim.

Sinn Féin Councillor Sandra Duffy.Sinn Féin Councillor Sandra Duffy.
Sinn Féin Councillor Sandra Duffy.

“Meanwhile, the insurance industry has generated huge profits prompting many to ask what are the regulating authorities doing to rein this in and give ordinary people a break.

“The Financial Conduct Authority, the Prudential Regulation Authority, and the Competition and Markets Authority all have a duty to monitor and regulate the insurance industry, investigate any allegations of unfair practices, and to ensure consumers receive a fair price.

“We are therefore calling on these bodies to fulfill their statutory duties to hold the insurance industry to account and investigate the recent increases in insurance premiums.

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“We are also calling on the British Government to reduce the rate of Insurance Premium Tax which puts an additional financial burden on workers, families, and small businesses.

“I will be bringing a similar motion to Derry City and Strabane District Council calling for this and I would urge all parties to back that call.”

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