Peadar Tóibín (Meath West, Aontú) | Oireachtas source

That is disappointing. I ask the companies to look into this matter and furnish the committee with some information. In 2016, a report indicated that Ireland spends just over €12,000 per capitaon insurance premiums, which is four times higher than the average rate in the European Union. That finding was skewed somewhat in that insurance costs also cover multinational companies, which have a bigger presence in this State than in others. However, the report points to the fact that insurance is a bigger cost per person in this State than it is in other countries.

The Competition and Consumer Protection Commission conducted an investigation into price signalling, a policy whereby companies signal prices to each other to reduce competition in the market. The motor insurance companies have indicated they will refrain from signalling prices in the future. By how much should this reduce the cost of insurance?