Michael Moynihan (Cork North West, Fianna Fail) | Oireachtas source

I thank Deputy Dara Calleary for giving me a few minutes to speak on this subject. Insurance cost increases are a very serious issue right across the spectrum. Many Deputies have spoken on the drastic increase in motor insurance costs, which is adding to the bills of already hard-pressed and overstretched families as well as those of the business community. Deputy Calleary has been raising this issue over the past number of months at committee level with the Minister, Deputy Richard Bruton, and others, but there is a crisis point.

I have met many proprietors of businesses and, depending on their business, they have seen their insurance costs increase by drastic figures. I am absolutely shocked at the figures they quoted to me. There is a further piece to the issue, which is where the business owner has to put up the first €10,000 of every claim and this is adding to the cost. If they have one or two claims, not alone do they have to pay the insurance premium, but they have to pay out perhaps €20,000 on top of all of that.

The point is that many of the underwriters - the people providing these insurance policies - have left the Irish market. This is a fundamental difficulty. Operators have left the Irish market and, in some instances - I do not want to be specific - there is only one or two insurers remaining. They are based in London and are quoting for business in the Irish market. It behoves the Minister and the Department of Jobs, Enterprise and Innovation to have a serious look at this issue. They need to bring in representatives of the insurance industry to examine the issues.

My colleague spoke about the costs involved. We have seen high profile cases in the past couple of weeks in respect of claims. We have to take a very serious look at the issue. If what has happened over the past 14 months continues over the next 14 months, many small businesses will be priced out of the insurance market. They are taking out insurance against every eventuality. On the car insurance side of it, we have seen young people returning from other countries. Having emigrated, they have been out of the country for three or four years and they are being asked for somewhere in the region of €3,000 to insure an ordinary 1.6 litre or 1.8 litre car. That is not acceptable.

It seems to me that the insurance companies are now looking at every little dent. If every A, B or C is not met, every i not dotted and every t not crossed, they will add a further 10% to the premium. Many have spoken about the insurance industry and non-attainability of insurance. Fundamentally, the point I would make is that, if the insurance industry keeps going unchecked over the next 14 months as it has done over the past 14 months, many businesses in both urban and rural Ireland, which have been providing jobs, employment and standards of living for people in their communities, are going to cease to trade because they cannot pay the premiums. They cannot insure their businesses properly because of the way the insurance industry has been handling this issue.

We have to examine why the underwriters are leaving the Irish market. What is the difficulty? It is high time the Department of Finance and the Department of Jobs, Enterprise and Innovation sought an urgent meeting today or tomorrow with the insurance industry. This is continuing and premiums are being dished out right across the spectrum every day of every week. People are getting exasperated by it and the time for action is right now.

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