Oireachtas Joint and Select Committees

Thursday, 1 June 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Motor Insurance Costs: Minister of State at the Department of Finance

10:00 am

Photo of John McGuinnessJohn McGuinness (Carlow-Kilkenny, Fianna Fail)
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I want to make it perfectly clear that the taxi driver example is repeated in the haulage industry. The number of cases that have been brought to my attention would not lead me to believe there is stabilisation in the insurance market. I know today's CSO report indicates that, by comparison with last April, there has been a 2.6% reduction in insurance premiums. That is not the experience right across the board. Shocking levels of premiums are being asked for without any explanation at all.

The other report that is out today is on the economy. It states that Ireland remains a relatively high-cost location and that already the return to sustained levels of growth has resulted in a series of upward cost pressures. It goes on to highlight the importance of prioritising policies and actions that are within Ireland's control to enhance cost competitiveness. Insurance falls into that category. It is affecting business. I know from personal experience that it is causing the amount of the premium to be passed on to the consumer. Whether someone is a taxi driver or in transport or wherever else, we at the end of the line are the ones paying those costs. They are fleecing the country.