John Halligan (Waterford, Independent) | Oireachtas source

The cost of insurance working group is undertaking a review of all factors influencing the increased cost of insurance. We have met that group on a number of occasions. Its objective is to identify immediate and long-term measures to address increasing costs, bearing in mind the need to maintain a stable insurance sector in the community. Everybody in government believes that we need to do something about the high cost of insurance. The 14 recommendations in the two reports I have mentioned will deal with that over time. There is no quick-fix available for this issue. The senior Minister and I cannot stand up in the House and say that we will bring down the cost of insurance within two or three months. However, I believe that the recommendations in the two reports, the input of the various Departments that are dealing with this, and the second phase of the report of the PIC, when implemented, will mean that, in the medium term, insurance companies will have no choice but to bring down the cost of insurance.

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