Oireachtas Joint and Select Committees

Wednesday, 26 May 2021

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

Developments in the Insurance Industry: Discussion (Resumed)

Mr. Michael Lyons:

I thank the Deputy for the question. In terms of additional costs, for our members the issue of PI insurance started manifesting itself in February and March. The implication of additional running costs for any business is an increase in fees to compensate for that. There will be always secondary and knock-on effects to the increases in running costs. At this particular time, our focus needs to be on trying to put in place solutions and controls around PI insurance. Practising engineers can operate only if they carry a current PI policy. That needs to be our focus in all of this going forward.