Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

I fundamentally disagree. Profit is a transfer from those who pay the premiums to the insurance companies. That is unnecessary. It is an extra cost. For example, if there was a non-profit State-run model, it would not happen. That would be €2.6 billion over 20 years that would be in car owners' pockets instead of the pocket of insurance companies.

There is discrimination against certain groups of drivers who face increases greater than the average 70%, such as young drivers, older drivers and older cars. The older cars issue has been addressed. The discrimination against older drivers has not. Mr. Justin Moran from Age Action Ireland attended the committee. He made a strong case that there is no evidence to suggest that older drivers are a higher risk, yet they face higher premiums. What is the explanation for that? The question was asked but not answered about young drivers. According to the Central Bank report that Mr Horan referred to, younger policyholders continue to present the highest average surpluses. That is surplus per premium which over time will equate to profit. While younger drivers are a higher risk and I think they would accept that, the Central Bank is saying that the extra they are being charged is greater than the extra risk they present. How does Insurance Ireland explain that discrepancy?