Ireland’s Justice Minister Charles Flanagan believes that the lack of transparency in how insurers set auto and business premiums suggests that they are just “plucking figures from the sky.”
The Justice Minister was reacting to statements made by the chief executives of AXA, Allianz, and FBD to the Oireachtas finance committee earlier this month, justifying high premiums by claiming that up to 20% of personal injury claims showed signs of fraud, despite having reported no more than 1% of suspected fraudulent claims to the gardai.
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