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

I thank the Deputy but he is wrong. The figure that is most relevant to this is that the motor insurance premium has been reduced by 23%. That is something that he cannot argue with. The figures that we accepted from the CSO showed an increase of almost 60%, going back to the peak of 2016. Since that peak there has been a reduction of 23%. The Deputy is making analogies and broad statements about rolling over but he cannot argue with that reduction figure of 23%. I did not catch all of his points but I will address recommendations 2 and 3, which relate to the provision of additional information and the extension of the renewal notification period. The delay in addressing these actions points is due to the Central Bank having to undertake a second consultation process on the inclusion of last year's premium and renewal notice. This was completed last September. The Central Bank is considering these responses, with the aim of finalising all amendments to SI 74 to the end of this year. The objective of insurers providing additional breakdown of the premium to consumers, including the previous year's premium, and extending the renewal notification period from 15 days to 20 days was to give people the opportunity to see what last year's premium was. I am dealing with people at every level. Many people have more than one premium, for example those in business. Last year's premium will be noted on the premium for this year. If there is an increase, they will see exactly what it is.