The Alliance for Insurance Reform called for increased competition in the insurance market and a windfall tax if insurance companies continue to make enormous profits.
Addressing the Joint Committee on Enterprise and Small Business, AIR board member Mr Mark Whitaker said the group would urge the Minister for Finance, Mr McCreevy to apply a windfall tax similar to the bank levy if insurance companies fail to reduce premia to businesses.
"Insurers can no longer find places to hide record results and profits, and the margins are now truly staggering. Greed is alive and well and shows no sign of going away," he continued.
The Committee heard that progress has been made, but that there are still huge problems facing Irish business. Small and medium sized businesses are still closing down all over the country due to outrageous insurance costs.
"Insurance companies simply are not passing on the savings they have already achieved, and they have approached the area of premium reduction for business policies with all the enthusiasm of turkeys for Christmas," said Mr Whitaker, "the insurance market is not a competitive one," he added.