On 10 November, Minister of State Eoghan Murphy gave the opening address at the Ireland Counter Fraud Conference. He stated that the financial stability of the insurance sector was vitally important. By serving the needs of both consumers and businesses, attracting global capital and through employment the insurance sector contributes greatly to economic activity in Ireland. The efficient operation of the sector is crucial, due to its economic significance.
The Minister spoke about the work of the Cost of Insurance Working Group, referred to in the October edition of the Arthur Cox Regulatory Update, in establishing the reasons for the rise in insurance costs. Insurance fraud and its effect on the cost of claims, and therefore premiums, is one of the areas which the working group is investigating. The working group is looking at a number of measures which could be used to combat insurance fraud and will be providing a report to the Minister for Finance with recommendations in relation to this.
Finally the Minister invited the attendees at the conference to send their ideas and experiences to the working group for consideration.
A link to the opening address is here.