Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The scope of the review is to examine the insurance industry with particular emphasis on why premiums are rising, particularly in recent months, in what many people consider to be an unjustified manner. Premiums are certainly rising very rapidly. There will be a particular focus on motor insurance. Insurance in Ireland has been fraught for some time. The Central Bank has explained that for some time investment income was used by insurance companies to keep premiums lower and to bolster their positions. However, investment income has gone down now so the companies are raising their premiums. We will have the full review and the Deputy is very welcome to make a submission to the Department of Finance to raise any particular issues along the lines of those he has raised today and I will ensure they are examined fully.

See this speech in context