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

The hope is in the report. It is in the 71 actions, the detailed timelines and the owners of the actions. It is in the fact that this committee has spent so much time focused on this as well.

People can see that those of us who have responsibility for this area in terms of bringing about reform are committed to bringing about that reform, doing what we can to protect the consumer, reducing the cost of claims in the claims process and examining the different elements the insurance companies have spoken about that give such uncertainty. As we remove those uncertainties from the process, it will lead to a more stable market. We cannot continue to see that up and down volatility. I expect there to be lower premiums but they will not become dramatically low like they were in the past because that would not be prudent either. As these actions are implemented over the quarters - this comes back to one of the earlier questions - and we start to see the measures take effect, I would hope to see a calming in that volatility and a reduction in premiums. However, I cannot speak to percentages or when exactly it might happen. This is something that we need to work together on. We need to keep the iron to the feet of those who are responsible including the relevant bodies and the lead owners who have been identified in the action plan and the report.