Mattie McGrath Blasts Insurance 'Racket' and Government Complicity
Deputy Mattie McGrath denounced insurance companies as a "racket" in a speech on 17 Feb 2021, blasting pandemic-era claim handling and premium hikes. He praised Deputy Doherty's efforts, saluted publicans who took court action, and urged policyholders to check changed wording in their policies.
Main criticism
The deputy described the insurance industry as immoral and indecent, accusing it of "ripping us off" and of operating with cosy ties to the financial sector. He blamed successive governments, naming Fianna Gael and Fianna Fáil, for allowing insurers to behave without sufficient accountability.
Pandemic claims and legal action
He highlighted business interruption insurance disputes arising during the pandemic, praising four publicans who challenged insurers in court and referencing FBD and other companies. He said central banks and public agencies were engaging with the issue, calling on insurers to honour their commitments and pay out what policyholders were owed.
Impact on small businesses and individuals
The speech emphasised harm to small businesses, clubs, hill-walking groups and young people trying to secure insurance. He warned that elderly customers faced steep premium increases - citing examples of rises of up to 40 percent - and noted many lack the ability to shop around or the IT skills to manage changes.
Advice to policyholders and consequences
He urged everyone with a policy to review their cover, warning that wording often changed on renewals during the pandemic (noting renewals in August and September). He characterized insurer practices as gouging and betrayal and called for customers to be vigilant about small-print changes.
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Look, this insurance, I compliment Deputy Doherty and his efforts, gallant efforts, heroic efforts to deal with the insurance company. It's a racket, it's immoral, it's indecent, it's not justified in any shape or form. I made business myself 39 years, 40 years next year, and I'm talking about myself here today, but all the people, whether they be small business people, whether they be clubs and communities, whether they be hill walking, whatever they are, we're all trying to do the best for the country, but the insurance company keeps ripping us off, and why wouldn't they? Because Fianna Gael, Fianna Fáil, Tweedledum, Tweedledee have allowed them to do what they like. Of course, they get big support from those in financial, and it's all very, very cozy, but look, this is a scandal of what's going on. Young people try to get insurance. My goodness, Grace. And then, when you read the fine print, you have none. Come on to the pandemic, and there are many people who had business interruption insurance, and there were many. Everybody nearly had it. And I salute the four brave publicans that took the case. Of course, the central banks are taking the case, like the public agency did in England. And first, the FBD, in that case, and all the other insurance companies, to honour their commitments, what's down and right, and what you're paying for. I urge every customer now that has a policy, and in the middle of the pandemic, many of them have changed. The wording has changed when they renew the policy during the year, in August and September, different times. Check it out. It has changed what they had when the small print has changed. So, they're in the business of ripping you off, getting your money, and indeed, pay out little. I don't mind every business has to make a profit, but when it comes to the blackmail, and the black-adding, and the downright gouging, and betrayal of people, especially the elderly, who have a liability. I heard my own radio show this morning, Chip FM and Fran Currie, and all the people talking about how they were increased by a whopping 40 percent, some of them, this year, and who haven't the ability to shop around, they don't have the IT skills and everything else, so they're being black-added. So, there's no liability. It's the pockets, and deep pockets for the insurance company, and aided in a better by willing government, successive governments, for decades. Thank you. Thank you very much.
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