Gerry Horkan (Fianna Fail) | Oireachtas source

We are teasing out quite a lot this afternoon. We have been comparing the cost of insurance in Ireland with that in Bulgaria and Poland and it is clear that if the system of payouts is totally different then it is quite likely that the system of insurance is quite different.

Mr. Murphy made reference to the profits of insurance companies. We keep being told that the competition is leaving the market. Surely if the industry were that profitable all the companies would be clamouring to get in here. Is it Mr. Murphy’s belief that companies are making profits in the motor insurance divisions? There are not that many players. We were told by one person that there are five players left in the market and then we were told there are 24 players in the market of which 11 are registered in Gibraltar. We have got conflicting data. Then we were told there are only five major players and the rest of them are only small and they are online and are here or there or coming and going. Does Mr. Murphy think insurance companies are making profits on motor insurance in this country?