Ms Moyagh Murdock:

I am here to talk about thatched cottages and a solution in that regard but I am happy to answer the question. I would argue that premiums have come down significantly over the last two and a half years. Motor insurance is down 28% against a backdrop of very high inflation. Employer’s liability and public liability have been stable and that is against an inflationary rate where we have seen materials and labour costs in the economy increase dramatically. We would argue that the premiums there have remained relatively stable. I reject the argument that there has not been movement or change in the market.

I would also say that in the market for motor insurance, we are seeing a number of new entrants come into the sector. However, we have not seen new entrants in the employer liability-public liability market because it is still a very challenging market and for the previous ten years, as per Central Bank-NCID data, it has been significantly loss-making, both in employer’s liability and public liability. The insurance companies have always said they will pass on savings as the agenda for insurance reform is implemented but, unfortunately, when you are making a loss, there is nothing at this point to pass on. We are optimistic that the agenda will have a positive impact on the market and we still stand over that commitment to pass on savings as and when they arise.