Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his reply. The reasons behind the hikes in insurance premiums are many and varied. They include an increase in the cost of settling claims, an increase in the incidence of fraud, a lack of consistency in court awards and a lack of transparency around out-of-court settlements involving insurance companies and claimants. These issues require examination and must be dealt with. In that context, I welcome the fact that the Minister has asked his officials to lead a review. I ask him to clarify that the review is specifically focused on the motor insurance sector and will result in recommendations which will be on the desk of the Minister's successor - whether that be the Minister, Deputy Noonan, himself or another Minister for Finance - in the coming months. Hopefully, the outcome of the review will be similar to what was achieved in the past when the Motor Insurance Advisory Board made its recommendations, one of which was the establishment of the Personal Injuries Assessment Board. While that body has proven to be very successful, it also requires a review, given the passage of time and the fact that it has been overtaken by developments.

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