Michelle Mulherin (Fine Gael) | Oireachtas source

To pick up on what Senator O'Reilly said, we have heard from the Small Firms Association and IBEC. We have identified areas with difficulties and we are looking at how we can assist to diversify markets and new products. Ms Callan gave a particular example of somebody with a profit margin of 3% to 5% exporting to the British market, and how the currency fluctuation floors somebody in this situation. I wish to make a comment in the round as the witnesses are representing various facets of industry. People have derived benefits from the drop in the cost of fuel but the multiples by which insurance premiums are increasing is the elephant in the room. Senator O'Reilly mentioned the €13 billion in payments. Mr. Thompson stated that €51 billion is being taken in. A lot of the mystery still has not been cleared up in the context of profits going to shareholders, what is really happening in terms of claims and the fact that the finger is being pointed with regard to awards, etc.

Small businesses are trying to ride out what will happen with Brexit but not only do they have problems with their public liability insurance being unaffordable, in rural areas where people must have a car - it is not luxury because there is no public transport - young drivers cannot afford to be insured in order that they might get to work. These are realities coming from the people represented by the witnesses. This must feed into it and it feeds into competitiveness. The insurance industry will not have customers to take out insurance policies in certain areas and people have been put out of business because they cannot afford insurance. This is a reality, aside from whatever else the Government can do. It seems that any good the Government can do is being taking back with the other hand by the insurance industry through increases in premiums. This view has been expressed already, but what is happening is appalling.