Pearse Doherty (Donegal, Sinn Fein)

As to how long this has been going on, the working group for insurance reform was set up in 2016. We had the programme in 2019. Now we have a second programme and all the rest. As I said, I campaigned for some of this. I was not alone; others here campaigned for it and other parties put forward legislation. If you look back, however, and ask if it has been a success, the answer is that it absolutely has not. It has not been a success in the context of the objective we had, which was to make sure that insurance would be affordable and fair for people. It just has not. It has created a far more stable environment, but there is excuse after excuse being given by the industry.

Doing a deep dive was mentioned in terms of insurance. That is what needs to happen. It is only when you get underneath the bonnet that you can expose what is happening.

I agree with the presentation that has been made today. As regards liability premiums, what is happening is just crazy. There has been a 17% increase since 2022.

There are members from other parties sitting here. I will raise this matter in the Dáil next week and a Minister will state that insurance premiums have come down. This is the problem. We have to be on the same page, and the big issue here is the profitability. One of the big frustrations is that you cannot rely on CSO data. The CSO is brilliant - I engage with it - but as regards the way in which it collects the data in terms of the cost of insurance rising, I remember the Minister telling me that insurance premiums had gone down by 17% a number of years ago. They were actually going up, but it is the way in which the CSO takes a sample - a basket of indicators - whereby the Central Bank now looks at every premium that is cut. The problem we have is that we are so far back we do not have a real indication - right here, right now - as to what is happening. If you talk to anybody on the street, however, you will discover that the cost of motor insurance is going up quite a bit.

I will finish on this point. The witnesses might give their views on it. I mentioned my insurance premium. Sometimes insurance can go up because your risk appetite is out from the algorithm. When I phoned my provider up and instead of just clicking renew, said the price was ridiculous and amounted to a 34% increase, I was offered a reduced price straight away. When I said that price was still higher than its competitors', because I had searched online, it met its competitors' prices.

This is nothing to do with risk appetite. This is a complete and utter rip-off. That is what is happening. Anyway, that is my piece. I am sorry for going over.