Oireachtas Joint and Select Committees

Thursday, 13 June 2019

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

Cost of Insurance Working Group: Minister of State at the Department of Finance

Photo of John McGuinnessJohn McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Let me finish. Deputy Boyd Barrett mentioned taxi drivers earlier. We could take transport companies, farmers or marts. They are all telling us the same thing: their insurance costs have gone sky-high.

Now, presumably the report Deputy Boyd Barrett referenced is about insurance. The Minister of State mentioned that it went to the Minister for Transport, Tourism and Sport. Is that not really the problem? So many within Government have a finger in the pie of insurance, in terms of legislation or regulation, that this will get dragged on forever. The insurance companies love it because once they see the Government struggling to get to grips with it, then they are getting away with it. They are making vast profits. They are not charities. They would not be in the business for the sake of charity or without profit. They are making profits. They have concealed or kept information from us. They have been reluctant to deal with the Minister of State and with the working group. They have had to be dragged to that table. Business people and individual motorists want to know when their premiums will be reduced.

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