Oireachtas Joint and Select Committees

Tuesday, 29 May 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion

4:00 pm

Photo of Michael D'ArcyMichael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I am at this for 11 months. My predecessor was working on it before me. As I said in my opening statement, it is not about writing reports but the implementation of those reports. Why are premiums not reducing? As awards go up, so do premiums. We have a high-award system in Ireland. I may not be pleased with that and others may not be pleased with that. Anyway, there is a line I use when I explain the insurance sector in Ireland. If we have a high-awards sector, we will have a high-premiums sector as well. Whether I or anyone else is pleased or displeased with that, the awards in this jurisdiction are very high.

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