Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

CSO figures before the end of the year showed a decrease, but it was only a one-off set of figures and not enough to establish a trend. All I have heard are anecdotes that prices are increasing and decreasing. I have requested more detailed information on what trends are being established. It is important as we do our work that we monitor the trends. We all need to be alive to this. I do not want there to be an impression that we are all waiting for the end of a two year process before the premiums will change. As each quarter passes and each action is implemented it should help bring about a condition whereby the insurers feel it is prudent to be able to reduce premiums. We need to be able to track this ourselves. I want to caution people who contact Oireachtas Members looking for a 50% reduction that it will not happen. We have included as a consumer protection recommendation extending the period of time during which people can shop around. I have heard from people anecdotally, and we have received a number of submissions, that the initial quote they received was extremely high, they went to another company which offered them a lower term that was more acceptable and they returned to the original company which met the lower offer. We want to give as much space and detail to the consumer to be able to do this, recognising it is a market and sometimes we must shop around, unfortunately.