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

To respond to the question of whether one sector can hold all the other sectors, the one dynamic of all the sectors is the level of awards. If somebody is injured in a mart and ends up in court, the level of the award causes the damage. If it is an accident involving a taxi, it could be the same injury, such as a broken arm or leg or whatever the case may be, but the high level of awards is the greatest issue we are addressing. The Judicial Council Bill will be debated by the Seanad next Thursday. I hope we can progress it to the Dáil the following week in order that we can move onto Second Stage and conclude Committee and Report Stages by the end of the session.

When all is said and done, if it was as profitable for insurance companies as has been presented, they would not exit the market to the extent they are. Eight insurance companies in our small jurisdiction control between 89% and 92% of the entire market.

Comments

No comments

Log in or join to post a public comment.