Cathal Byrne (Fine Gael)
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It is helpful to have the witnesses come in and I thank them for the work being done in this area. I read through the presentation and opening remarks. To be honest, I found some of the data in it absolutely shocking. I know previous speakers have highlighted this as well. However, you see in the 2024 reports that the awards in employers' liability are down 31%, in public liability awards are down 34% but premiums are up 4% in 2024 and up 17% since 2020. Average profits by the insurance companies in Ireland are €175 million, taking a 13% margin. It was previously pointed out that for many years, the insurance companies sang a song saying there were false claims, fraud and excessive claims but year after year, the profits get bigger, and the awards go down. I am interested to know what mechanisms the witnesses think can be brought in by the Oireachtas to make the insurance companies pass on the reductions in awards they are paying out to the people paying the premiums, be it private motor insurance or claims for commercial entities, businesses, professional insurance and so on.