Maurice Quinlivan (Limerick City, Sinn Fein) | Oireachtas source

I thank both groups for their presentations they were quite informative. I do not have to tell them about the cost of insurance it was raised by everybody who came in. It is a major issue for the cost of doing business and for community groups, festivals, sports groups and everything like that. It is a massive problem. Mr. Thompson quoted some figures that I do not really understand. The CSO figures we were given had an increase of 57% in insurance premiums from 2011 to 2016. Mr. Thompson did quote from 2012 so I assume there is a slight difference there but from 2012, 2013, 2014 and 2015 there did not seem to be an increase of that amount from premiums that were being taken in when he was quoting €3 billion or €4 billion. He might come back to me on that one.

Payout for injuries has always been there and unfortunately insurance fraud is not news. It has always been there as well but the massive increases are new. I do not understand how the premiums have risen so far so recently. I note the outlying increases in different aspects of Mr. Thompson's claim over the last few years. There was a 48% increase in Circuit Court awards, 10.4% increase in legal costs but none of these increases were at the level of 57% and Senator Davitt did try to get Mr. Thompson to explain that and I do not think he answered that question properly. Maybe he might answer it to me.

We all agree that insurance companies play a major role in our economy as they provide services which are required by law or services that people financially have to have, whether it is motor, home or public liability insurance. Due to this prominence and important position in our economy, insurance companies are not comparable to other undertakings. Therefore, does Mr. Thompson believe they should be required to be much more transparent about their premiums and their profits?

I have a few specific questions on a market insurance portal that has been reported on recently and I refer specifically to an article by Mr. Peter O'Dwyer in The Times, Ireland Edition, last week. I am sure Mr. Thompson is aware of that article. Can Insurance Ireland confirm if its members have access to a market insurance portal? Is this known as InsuranceLink? Is it a claims history database? What is it for and how is it used? Do the members have access to other databases known as integrated information data services? What is this for and how is it used? Do members have access to another database known as market intelligence portal and what is this one used for?