Rose Conway Walsh (Sinn Fein) | Oireachtas source

That is not my experience with the people who deal with me. I thank Mr. Thompson for clearing up the matter of Zenith Insurance. Others might disagree with him, but it is important to have it on the record.

With regard to volatility, the argument of Insurance Ireland is that volatility is to blame. That is just nonsense. Steady increases are not signs of volatility, but signs of price increases caused by a failing business model. The witness argues that there are a number of claims from the Injuries Board. I have the same table. The average award in 2010 was €22,271 and in 2015 it was €22,878. That is not a volatile claims environment. In fact, it is a very static environment. There are more claims because there are more cars on the road, which means more business for the industry, a bigger market and less competition. There are no more people as a percentage using solicitors in the Injuries Board process than previously. The court awards are not much higher if one cuts through the spin. Where is the volatility? The one place where there has been volatility, of course, is the international bond markets. We live in an age of 0% interest rates. Is that the volatility to which the witness refers? Did Irish insurers fail abjectly to plan for Solvency II reserve requirements? Is there an aggregate figure for the increase in the reserves over the last couple of years? It would appear that motorists are bailing out the insurance industry.