Michael D'Arcy (Wexford, Fine Gael)
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These are not my figures. They are independent figures.

I have requested something that did not form part of the cost of insurance working group. I have a small business and employ people and so I pay a number of insurance fees. One of the things that I have asked, and it will happen soon, relates to the cost of insurance last year. As a small employer and businessman I have 11 insurance policies for machinery, public liability and other types of insurance. I want people to know what their figure was last year for comparison purposes. I know many companies or people who wonder how much a certain type of insurance cost them last year. They may have the details locked away in a filing cabinet but they may not have the time to search for them and get quotes. For me, it is a small issue that can easily be resolved so that last year's price is listed on the same page as this year's price. Having both prices enables one to see if the price has increased or decreased. Obviously if the price has decreased then people will be pleased. I have spoken to people who have multiple insurance cover and some of them do not know what they paid last year. Have they time to get insurance quotes? They probably do not.

It would make a huge difference if people adhered to the book of quantum. If they did it would not matter whether an individual settled directly with an insurance company without the assistance of legal advice. It would mean that for every outlying award that is a multiple of or 50% more than the standard amount, under the Solvency II rules and the regulations, insurance companies are obliged to underwrite that amount. That means if it is €25,000 for a broken arm and suddenly there is a payout of €45,000, the solvency rules will ensure that the insurance company is capable of making the payout. Therefore, it is crucial that we get people to adhere to the book of quantum. Whether the book of quantum is used by an individual to settle with an insurance company early or whether a case goes to the High Court, it will not matter as the case should fall within the numbers stated in the book of quantum. Such a scenario would be greatly beneficial. As we have seen with insurance companies, it is a business. The business is not black and white but is a predictive business. On the basis of the business being predictive, premiums have increased and reduced. Therefore, it is incorrect for the Vice Chairman to claim that the cost of insurance has only increased. The cost did go one way for a period but since July 2016, the cost of motor insurance has reduced by 20%.

We only published the report on employer and public liability insurance in January 2018 and we have concluded all eight of the first quarter recommendations within just four months. Moreover, we will conclude 26 of the 29 recommendations in this calendar year. As I have said about motor insurance, all of these actions will have a cumulative effect and there is no single bullet to remedy the situation.