Hurray! Another insurance hike on the way!

rebel.ranter

http://www.irishtimes.com/business/financial-services/irish-consumers-face-insurance-rises-after-court-ruling-1.2592874

So most insurers outsource the leg work behind their claims management and now they have been told via an EU court ruling that they must pay VAT on these services because a VAT exemption doesn't apply for buying these services.

Great news for the state, more VAT, however it won't be the insurers that suck this cost up, it will be the policy holders, including motor policy holders that pick up the tab, you can be sure of that.

It would be nice if government policy on the levy charged for the Quinn insurance debacle was reduced to level out or offset this increase in VAT. I can't see it happening.

So in summary this means a 23% cost on any handling service the insurers use to manage the claims. I'm sure that is significant.

screamer

Very soon owning a car in Ireland will be a luxury.

They could of course so something better and employ a few people here rather than outsource then at least there'd be a few more jobs and a few more Euro staying in the economy.........

To Elland Back

Insurers outsource claims handling to cut down on costs, so they can offer market competitive premiums. Additional costs can not always be passed on to the policyholder, so expect more insurers to withdraw from Ireland. Fewer players means higher premiums. Something needs to be done to tackle the CAUSES of our ever increasing premiums

bpmurray

screamer wrote: »

Very soon owning a car in Ireland will be a luxury.

I thought it already was!

Special Circumstances

To Elland Back wrote: »

Something needs to be done to tackle the CAUSES of our ever increasing premiums

Not putting words in your mouth here, or directing the rest of the post at you, but there seems to be significant noise from the industry that part of the action needed is to "ban whiplash".

Which is one step away from "banning physics" or "banning biology (or maybe physiology?)". Will they be banning sprains and strains from slips trips and falls claims?? Perhaps they could ban unnecessary journeys?

It would seem the end goal here is to not pay out for anything other than death or other situations with no possible chance of rehabilitation. Anything else is to be viewed with suspicion apparently - "Walk it off ya spoofer" Will the premiums reduce when that goal is attained? Will they fvck.

Wibbs

Special Circumstances wrote: »

Not putting words in your mouth here, or directing the rest of the post at you, but there seems to be significant noise from the industry that part of the action needed is to "ban whiplash".

Nothing to do with banning anything it's far more about reducing the daftly high payouts for it. Payouts that are the highest in the EU. Never mind the legal profession here that's in serious need of a rethink.

Special Circumstances

Wibbs wrote: »

Nothing to do with banning anything it's far more about reducing the daftly high payouts for it.

Take it up with the worlds largest insurer lad, don't shoot the messenger!

"The world's biggest insurer – AIG – wants Ireland to consider banning whiplash claims to help counter increasing motor insurance charges.


AIG currently employs about 900 staff in Ireland, including Laya Healthcare.
Having acquired Laya last year, AIG is set to tweak the health insurer’s branding: “They are going to co-brand and put ‘Proudly part of AIG’ with their logo . . . in the next month or so.”
"

I suppose LAYA are considering banning people getting sick?

bear1

Tax and tax and tax and then tax that and then tax the tax on the tax for that.
VHI increased the costs by up to 6% as well, maybe we should feck off from the EU as well and have a bit more control on what we tax.
Although I suppose the government would balls that up as well.

Nody

Special Circumstances wrote: »

Take it up with the worlds largest insurer lad, don't shoot the messenger!

"The world's biggest insurer – AIG – wants Ireland to consider banning whiplash claims to help counter increasing motor insurance charges.

Seeing how Whiplash currently "happens" to 80% of all claims compared to 3% in other countries it would not be a stupid idea; or people can stop complaining about the rates they need to pay for insurance (because in the end the 80% claim rate costing 15k per claim will go directly on people's car premiums).

Special Circumstances

Nody wrote: »

Seeing how Whiplash currently "happens" to 80% of all claims compared to 3% in other countries it would not be a stupid idea; or people can stop complaining about the rates they need to pay for insurance (because in the end the 80% claim rate costing 15k per claim will go directly on people's car premiums).

What perfectly plausible ailments would you like to see LAYA ban to bring down* your health insurance?

*in quality as much as price

grogi

rebel.ranter wrote: »

http://www.irishtimes.com/business/financial-services/irish-consumers-face-insurance-rises-after-court-ruling-1.2592874

So most insurers outsource the leg work behind their claims management and now they have been told via an EU court ruling that they must pay VAT on these services because a VAT exemption doesn't apply for buying these services.

Great news for the state, more VAT, however it won't be the insurers that suck this cost up, it will be the policy holders, including motor policy holders that pick up the tab, you can be sure of that.

It would be nice if government policy on the levy charged for the Quinn insurance debacle was reduced to level out or offset this increase in VAT. I can't see it happening.

IMHO this is actually good thing.

Lack of VAT exception reduces the benefits of outsourcing and will produce more fair and competitive conditions for insurers that employ workforce locally.

More work locally, better for Irish economy.

rebel.ranter wrote: »

So in summary this means a 23% cost on any handling service the insurers use to manage the claims. I'm sure that is significant.

What is the breakdown between handling costs and actual claims paid? I don't imagine the handling is that significant.

grogi

bear1 wrote: »

Tax and tax and tax and then tax that and then tax the tax on the tax for that.
VHI increased the costs by up to 6% as well, maybe we should feck off from the EU as well and have a bit more control on what we tax.
Although I suppose the government would balls that up as well.

You can't eat the cookie and still have the cookie. The state needs to tax someone somewhere - either by using indirect taxes like VAT, or income taxes.

And if taxation can be leveraged to keep the jobs in the country - why not?

SEPT 23 1989

I'm sure you could ask them whats the best they could do for cash?

To Elland Back

Special Circumstances wrote: »

Not putting words in your mouth here..........

Given the logic you use on this topic time and time again, I'd appreciate that

keyboard_cat

Special Circumstances wrote: »

Not putting words in your mouth here, or directing the rest of the post at you, but there seems to be significant noise from the industry that part of the action needed is to "ban whiplash".

Which is one step away from "banning physics" or "banning biology (or maybe physiology?)". Will they be banning sprains and strains from slips trips and falls claims?? Perhaps they could ban unnecessary journeys?

It would seem the end goal here is to not pay out for anything other than death or other situations with no possible chance of rehabilitation. Anything else is to be viewed with suspicion apparently - "Walk it off ya spoofer" Will the premiums reduce when that goal is attained? Will they fvck.

http://www.boards.ie/vbulletin/showthread.php?p=97359114

So how much did you get? :pac::pac:

Special Circumstances

keyboard_cat wrote: »

http://www.boards.ie/vbulletin/showthread.php?p=97359114

So how much did you get? :pac::pac:

Why don't you keep creeping till you find out !! :pac::pac: