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

Weighed against the evidence we have, this is the article of faith that was implied in terms of banks and property lending by the Central Bank according to the rules under which it operates and the consequences of a €60 billion loss for the State. Regulatory returns submitted show combined underwriting losses of €684 million for the years 2013, 2014 and 2015. It is accepted and I agree that it appears in the statistics. Motor insurance companies make losses in a number of years and a consequence is that they increase prices to try to return to profitability. However, in the preceding years when they made profits, the profits were not carried forward. The profits are distributed whereas the losses are not. Does it not place an unfair burden on those who have to get car insurance? If there are profits, they are taken by shareholders, whereas if there are losses, the companies do not look to the shareholders but to those who need car insurance.