Ms Moyagh Murdock:

To respond to the first point, I am sorry to hear the Chairman has not experienced the motor insurance reductions that the vast majority of people have experienced so far. The CSO, as well as the NCID, have confirmed that the vast majority of people are seeing quite significant reductions in their motor insurance premiums. It is also important to point out that for small businesses and for businesses in general, the NCID report in July 2021 pointed out that 93% of business policyholders have been able to get insurance for less than €5,000 and 80% for less than €2,500. That is quite a significant number of policyholders, especially considering that the report was based on in excess of 300,000 actual policies.

On the issue of Insurance Ireland and possible new members, we are a trade representative body and we are funded by our members.