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Minister: Exaggerations are a bigger problem than fraudulent claims
Minister: Exaggerations are a bigger problem than fraudulent claims
Minister of State Michael D’Arcy has told an Oireachtas committee that the exaggeration of insurance claims by motorists is a much bigger problem than fraud.
The insurance industry had major problems with exaggerated claims, fraud, and excessive pay-outs, Mr D’Arcy told the Oireachtas finance committee last Thursday.
Mr D’Arcy added that the average cost of motor premiums had fallen by more than 20%. The Oireachtas committee was discussing the issue of premium costs in the insurance industry.
Sinn Féin finance spokesman Pearse Doherty claimed that motorists were being “fleeced” by insurance companies and the government had refused to play “hard ball” with the industry.
But Mr D’Arcy insisted that fraud and exaggeration were to blame.
“We’ve a huge problem with fraud, we’ve a huge problem with exaggeration, we’ve a huge problem with high awards. That’s where the real problems are within the insurance sector,” Mr D’Arcy said.
“In my view the issue of exaggeration is a much larger issue than the actual number of fraudulent claims,” he said.
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