Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I thank the representatives of the insurance industry for appearing before us this afternoon. The only issue I wish to raise is that of the impact that the personal injuries guidelines have had upon insurance premiums.

As I am sure the representatives will be aware, the Oireachtas went through the considerable decision to enact legislation to give guidelines to the Judiciary under the Judicial Council Act 2019 for the purpose of reducing awards. The reason we did it was primarily because we were informed by the witnesses' organisations and others that if we could get awards reduced, this would have a consequential impact on premiums.

I will start by asking Mr. Thompson in respect of motor insurance in the first instance. I believe he mentioned in his opening statement that there was a reduction and that has been passed on to the consumer. Will he give me an indication of the percentage of reduction in premiums since the guidelines came in last March?