Flanagan says insurers are ‘profiteering’

The Minister for Justice admits the insurance industry’s practices warrant investigation, but the judicial council needed to bring in new award guidelines will not be set up this year

Charlie Flanagan: the Minister for Justice is concerned about a lack of competition in the insurance industry Picture: Fergal Phillips

The Minister for Justice Charlie Flanagan has launched a broadside against insurers, accusing the industry of “massive profiteering” at the expense of businesses and communities.

He is calling for immediate action from insurance companies making “handsome profits” to reduce exorbitant and inconsistent premiums in the sector to ensure costs are not a barrier to business.

In an interview with The Sunday Business Post, Flanagan said he believes there is scope to further investigate ...