Mary Harney (Dublin Mid West, Progressive Democrats)

I cannot put a figure on it but it should be quite substantial. If the decrease was 11% from 2002 to 2003, I expect it to be greater this year because the impact of the measures implemented is only now coming through. With regard to motor insurance, anecdotal as opposed to hard evidence suggests there are reductions in some cases of 40% to 50%. Nevertheless, while that is the evidence presented to me by many individual motorists, I do not want to exaggerate it or say it is general across the board.

With regard to the IFSRA, at one level one could say that the fact there are such significant discrepancies indicates there is competition in the market. I accept that such wide discrepancies are extraordinary but it proves my point — for which I was heavily criticised by Deputies and others — that it is very important for all consumers, not least in the insurance market, to shop around. That information is now given in advance of premium renewal and is of great assistance to consumers because the 15-day gap allows them to try alternatives instead of simply placing their insurance with the broker or company they have been with for a considerable time. That is proving very successful.

Information can mean power and the information from the IFSRA should help to drive home the importance for consumers of asking all necessary questions and making sure to get a number of quotes before they place their insurance.

See this speech in context