Oireachtas Joint and Select Committees

Wednesday, 16 December 2020

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

Insurance Issues: Minister of State at the Department of Finance

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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I appreciate that. We will get to the issue of dual pricing and I welcome the Minister of State's statement that he will rely on the national claims information database. It stated in its report that insurance premiums have increased by 13% since 2016. This undermines what the Minister of State told the committee half an hour ago that insurance premiums during the same period were reduced by one third.

This is important. I have spent quite a number of hours in this committee with insurance companies trying to get transparency with figures. We need to be honest with what is happening if we are to address the problems.

Recommendation No. 1 of the cost of insurance working group stated insurers would set out the reasons for large increases in premiums to consumers. That recommendation is complete and from the report published in October. Did they set out the reasons? Did they do that in the way required under law to act honesty, fairly, professionally, in the best interests of the consumer and to maintain the integrity of the market? When was the last time the Government published an update on the report on the cost of motor insurance? Was it October this year?