Ms Tracy Sheridan:

I can point to the historical performance. Motor insurance is coming down significantly. I believe employers' liability, EL, and public liability, PL, are not going up to the extent that has been reported in general. One of the concerns that not just insurers but also businesses have is the wait-and-see approach being adopted by a certain cohort of solicitors. That is very damaging and there is a contagion effect there too. We want those cases expedited through to appeal. However, we see the Bill before us, whereby PIAB can hear more cases automatically, as a big game changer. Regarding the duty of care in the Occupiers' Liability Act, it calls out the issue with absolute liability and that is being addressed, whereby there is more personal responsibility being placed on the users of services and it is not just down to the occupier or the policyholder. That will be a real reassurance to businesses. It will also reassure new entrants from an insurance perspective coming into the market that it will have a significant impact.

If we look back to the last real change that PIAB went through in 2004, insurers responded very positively. That is where we would say we are committed to passing on the savings from these legislative changes. There is nothing to suggest they will not do that. It is in their interest to keep viable policyholders and viable businesses going. Quite often they have continued to insure certain sectors at a loss, as the figures from the Central Bank have demonstrated. It has been subsidised by investment income. Packages or portfolios by insurers are made up of a number of products - liability, motor and other types of property insurance. That has sustained those entities. However, we have seen too many exits from the market and that is what we want to prevent here. If we can get certainty and consistency back into the market, it will become a much more stable environment for insurers to enter, while businesses will get certainty as well.

In sectors where there are activity sports or adventure parks and where people can expect to have a bump or trip or fall, one should not have to expect that somebody will land a claim because there is absolute liability on the occupier or the policyholder. That is just ridiculous and it is out of sync with the other European jurisdictions against which we are benchmarking ourselves. As my colleague, Mr. Boland, said, they laugh when they see what is going on here. We must make it a more normal operating environment for both businesses and insurers to enter.