Pearse Doherty (Donegal, Sinn Fein)
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We will hear from the insurance industry later. There is always a reason premiums will be reduced at a later date. Some of those reasons may be valid but when things are moving in the other direction, there is never a reason to delay it and premiums go up straightaway. We know that insurance is priced on the basis of looking forward. There is a test case relating to the guidelines of the Judicial Council. Are the insurance companies over-provisioning? The insurance companies are stating that there is a test case and awards are falling but that may unravel in the courts so they need to make provision for that and, therefore, cannot reduce premiums. In a way, it will keep their profits down and may result in larger profits at a future time. Are they over-provisioning?