Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I do not want to go over old ground but I always like to look at the facts. The national claims database held by the Central Bank provides us with a rich amount of facts. The facts are that over the past decade the cost of claims has reduced by 9%, the number of claims has reduced by 45% and premiums have increased by 35%. One of the most significant things that has happened in the insurance industry in recent years took effect on 24 April. This is that the cost of claims was reduced by a significant amount. It was the insurance industry that was begging, screaming, crying, lobbying and looking for this. It has been delivered. Over the past three weeks, the industry has not significantly reduced the cost of premium renewal.

I will give an example from one of the surveys. The premium last year of an individual who has an insurance policy with Aviva was €400. This person has had no claims, has the exact same cover and has not replaced the car. We are comparing like with like. The renewal quotation this year, which was received within the past three weeks, was €730. The person phoned up and tried to get a better deal. The person moved company and got insured with FBD for €375. This was an 83% increase at a time when the Government, the Dáil and the Judiciary have slashed the cost of claims. What people want to know is when they are likely to see significant reductions in their premiums. Will Aviva pass on euro for euro the savings the industry will make as a result of paying out reduced claims?