Insurance

Mumm_ra

With all the talk of rising premiums the same excuse keeps coming up - whiplash. Why not offer a reasonably priced product that does not cover whiplash - I'd buy it, as I, like 90% of other people don't claim and would only claim if they had to. Don't take this as someone who thinks you should not claim, I just believe like most things in this life - insurance is one big con. The real reason insurance is going up is the companies cannot get a return on their reserves just like people cannot get a return on their money.

Liam McPoyle

Mumm_ra wrote: »

With all the talk of rising premiums the same excuse keeps coming up - whiplash. Why not offer a reasonably priced product that does not cover whiplash - I'd buy it, as I, like 90% of other people don't claim and would only claim if they had to. Don't take this as someone who thinks you should not claim, I just believe like most things in this life - insurance is one big con. The real reason insurance is going up is the companies cannot get a return on their reserves just like people cannot get a return on their money.

There are so many things wrong in this post i don't know where to start.

Firstly, insurers legally cannot sell a motor policy that excludes any kind of bodily injury.

You do not buy insurance to cover your own injuries, you buy it to cover the injuries of the people you may crash into.

How would you feel if someone rear ended you and was able to say, sorry bruv, didn't bother with the whiplash cover, cover your own injury expenses.

Pray tell, why exactly is insurance one big scam?

If you are so sure it is then you have obviously done extensive research into the subject to reach this conclusion.

Throw up a few details if you don't mind.

Low return on interest rates is one of them.

Since the financial crisis the rate of returns on investment has been low.

Historically insurers were able to pad their reserves with investment returns, since the global economy collapsed it is very difficult to get SAFE investments that return a decent yield.

There is also the Solvency II requirements that the reliance on investment income to cover claims is not enough for companies to remain compliant..

So please, explain how insurers can keep within the rules of EU legislation, make sure there is enough money in reserve to pay claims, AND keep premiums low, given the current claims environment in Ireland.

I'm very interested in this.

Lex Hieronica

Insurance is controlled in Ireland by the MIBI which was formed with an agreement with the Irish government in 1955 when for instance capital punishment was still in force in Eire. Then again 1964 (still capital punishment) 1988 ,2004 and 2009. These agreements were put in place to primarily hold a monopoly on insurance and needed to be done through government channel's to circumvent insurance law. Insurance law under common law rather than civil law ( the actual law of a republic which Eire has never installed) is complexed by the principles of "stare decisis et non quieter a movere" which translates too " to stand by decisions and not disturb the undisturbed"

The next insurance legal jargon is ubberrimae fides which translates utmost of good faith ..these are the keys to insurance law however any person may enter agreement of insurance with anyone any where in the world as long as the terms of uberrimae fides are met. European law states "any legal or natural person of any union member state is free to establish him-her-itself or to provide services anywhere in the member states. and can not be regulated by those member states which is " free provision of services". Provision of these cross border services is called "passporting" key word here passing the ports without being regulated.

Therefore how come Irish citizens are prevented in engaging in these free provision of services and availing of their rights to engage with anyone anywhere (particularly in the EU) to negotiate their insurance ? In a word maritime law. Under common law ,when you are born you come down the birth CANAL you are a new ship in legal terms. You are given a shipping number your birth certificate which you declare when you go to law which is called ironically a DOCK. You are effectively a ship to be shipped from the dock to another port. Crazy right? Well that's just it When the Irish government realised that all the lighthouses in Ireland were in two different jurisdictions and they could not trade with any nation divided as they were commissioned under maritime law they decided to decommission them to open trade with Europe. This coincide s with the various MIBI agreements time scales. They then decided that the city of London Trinity House should administer our lighthouses.this placed our trade agreements firmly back in the hands of imperial Britannia. After all what ship can trade without a lighthouse how would it find its dock?

So rather than offer the people a referendum to adapt civil code \law as an add on to our fledgling republic so people could choose which legal court they negotiated there instruments and avail of what we are eligible too under EU law ,the smart fellows up on Kildare St realised that if civil law or the Roman law of a republic was ever introduced into the Irish republic ,then their moderate British government would be defunct and people in Ireland could make their own way and find truye success which would go completely against the story they have been feeding us since 1922 ,that partition and compliances with Brittanias birth canal legal interpretation is all that will free us...I laugh out loud here. So in the meantime this failed evolutionary proposal which has limped on since the Irish civil war has seen us in a North Korean style society where we are told nothing good exists outside a dail/parliament leadership and should co tinge on confident that the EU is the enemy and there is no other way to insure yourself except through the common law system which is designed for insuring sail ships and their cargo and horses on the Kings highway driving on the left and not for your modern conveyance which you can insure with anyone or company on the planet..for a fraction of the price and 100% guaranteed payout in event of claim...unlike those folks at Setanta..no I agree its much worse than a con its much more sinister than that!