Hugh Scullion: Take action on insurance premiums in Northern Ireland
Hugh Scullion Workers Party Representative For Mid-Ulster is calling on the Northern Ireland Insurance Ombudsman to take action on the premiums companies are charging to their customers here.
We have the highest premiums in the United Kingdom, forcing many residents especially those on low incomes, old age pensions and other state benefits no choice when it comes to all other household bills they have to juggle, but to cancel their insurance.
The devastation that this latest storm has inflicted brings into sharp focus how those who are already struggling with poverty are once again impacted by drastic price increases.
Working class people are being put in an impossible position. They should not have to make the choice to heat and eat and leave their homes and property unprotected, because they cannot afford insurance cover.
He went on to say the storm is a stark reminder of the critical role insurance plays in protecting citizens from the aftermath of such disasters. Yet, the current pricing model is leaving far too many people without cover, putting lives and livelihoods at risk.
An urgent review of the insurance industry must be undertaken to tackle this overpricing, we need to stop this broad brush-brush approach the industry uses. Hundreds if not thousands of our friends and neighbours will now not only have to pick up the pieces after the storm, they will also be left struggling with the bill for repairs because they were priced out of getting affordable insurance coverage.
Hugh concluded one person he spoke to said her insurance premiums went from £400 to £1200 without any change to her circumstances. Multi-National insurance companies are raking in massive profits. While ordinary citizens who cannot afford insurance cover have yet another massive burden to shoulder.
There are other serious issues and concerns with the insurance industry including misleading and confusing language and the use of spurious "exclusions" to reject claims. While this may be no surprise in a capitalist enterprise the state and the regulator has a responsibility to protect citizens who hold policies and to make insurance affordable for all.