Ms Moyagh Murdock:

All I can do is comment on what our members are saying. We welcome that change in legislation and we have called for it for a long time. This will take time to bed in. The insurers stand over their commitment to pass on savings when they see them. I repeat that premiums have remained stable against an inflationary and booming economy. Businesses have increased their turnover, employment and salaries, and the CPI is telling us on a daily basis that we are in a booming economy with full employment.

That translates into insurance cover. We insure against an asset. The asset or business has gone up in value but premiums have remained the same.