John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Is there anything Mr. Roux can do in the context of regulating the industry that will bring down those claims?

People looking for insurance feel they are being screwed, they feel that there is a cartel in place that will shoot these premiums up, and they look to the Central Bank to regulate all of those queries out of the system to be examined. They do not get that sense of confidence from the Central Bank.

Mr. Sheridan's title is director of consumer protection. I have to tell him motorists do not feel protected. In fact, they feel no one is being protected, except the insurance companies themselves, and that they are being thrown to the market. Dr. Roux must take note of this. As a result, the premiums that are being asked of individuals who have been insured are outrageously high. They have gone from €1,000 to €6,000 or €7,000. Insurance companies that cover the haulage sector are increasing their premiums to the extent that they are putting companies out of business. In fact, some of the hauliers will tell us - we heard it last night on the television and previously at this committee - that they insure now in a different country but those insurance companies abroad are linked to the same insurance companies that are represented here. One must ask why that is the case.

Senator Conway-Walsh raised a further question on the economy. Our economic development is being hampered and damaged by the high cost of insurance. Taxi drivers have made it clear to us that their insurance costs are driving them out. The Irish Road Haulage Association has come here and said the same. Individual insurance policyholders have come to members of this committee stating they cannot go to work because they cannot get insurance, and they are looking to these Houses. We are doing our best. They are also looking to the Central Bank. They are probably saying in their minds to Mr. Sheridan, "Where are you? Can you please defend us from these high insurance costs?" They are expecting an answer from the regulator and from their protector, the consumer protection section of the Central Bank.