Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

At present, we are trying to build consensus on the causes of the increases in premiums. There are many different voices and a great deal of noise so we are trying to distil the information as to what is causing the increases. If we can get a breakdown of the premium and look at the different component parts that are driving up the cost, we can implement measures for each one. For example, if €50 of a premium is due to fraud or €35 is due to uninsured vehicles, we will identify specific measures to tackle each of those areas in the hope that by having a suite of measures we will be able to bring down the overall cost of premiums. The aim is to have emerging recommendations by the end of October. In November, we will take the time to ensure we can put a solid timeline and series of actions in place, be they legislative or otherwise, to have them implemented. The hope is that by the end of October we will have a definite idea of what the emerging recommendations are to hit each of the elements of the premiums.

I appeared before the finance committee to discuss this a number of weeks ago. The committee is also doing an important piece of work and we are hoping to get feedback from it on where it thinks possible solutions lie. We hope it will be able to report to our working group in advance of me reporting to the Minister for Finance.

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