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The level of insurance payouts is driving up the costs of premiums in Ireland, according to a junior minister who has defended his work on reducing costs to consumers. Minister of State Michael D’Arcy, who has been tasked with reform of the insurance sector, told the Oireachtas Finance Committee that fraudulent and exaggerated claims are pushing up the costs of doing business. The increasing costs are being passed onto customers. However, Mr D’Arcy said that the range of payouts - as set out by the Book of Quantum - are up to five times as much as comparable awards in Britain. “If somebody is getting five thousand in the UK, they’re getting 25,000 here,” Mr D’Arcy told the committee. “I... Full story

15 November