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

I refer to the Alliance for Insurance Reform figures. The only insurance one is legally obliged to have is motor insurance. Motor insurance was where the cost of insurance working group started. There has been a 24.5% reduction from the peak in 2016 in that sector. The 2016 increase figure of 69% was from a very low base arising from a price war that turned out to be a catastrophe for the sector. When the cost of insuring a vehicle was less than the cost of a windscreen, it did not work out well for any of us. The price war drove people from the sector, as companies went bust and companies exited the market. As a result, insurance costs started to increase. If we accept the CSO figures for the increase, we must accept the same CSO methodology pointing to a decrease. I would be surprised at a 204% increase in motor insurance in the period outlined when the CSO indicates the numbers are going down.