Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I do not question the Minister of State's objective in making sure reductions are passed on to customers. He has made the point that he does not hold insurance companies in high regard. The point is that 17 years ago we were able to get the insurance industry to produce a table that was very clear. It took into account road safety, the PIAB, a reduction in the incidence of uninsured driving, the promotion of rehabilitation, the abolition of stamp duty of 2%, the reform of the courts, anti-fraud measures, the exclusion of earnings from the black economy, a reduced number of solicitors for plaintiffs, the book of quantum and repeal of the Health Act. The industry stated that if all of this was done, it would result in a reduction in premiums of 36.35%. We have been here before and seen motor insurance premiums increase by over 70%, according to the CSO. The industry tells us that it was all because of Setanta. We fixed the issues related to Setanta and the risks for insurance companies through legislation, yet we have not seen premiums drop by 70%. On the other side, we have seen companies increase their profits by 1,300%.