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

The cost of insurance working group which I am chairing is examining the factors contributing to the increasing cost of insurance. The working group brings together all of the relevant Departments and offices involved in the process. Its objective is to identify immediate and longer term measures which could address increasing costs, while bearing in mind the need to maintain a stable insurance sector. The initial focus of the working group is on rising motor insurance premiums.

The core areas to be examined by the working group in this first phase are the motor insurance sector generally, at present and in recent years; the effects of legal costs and litigation processes on insurance costs; the current claims compensation arrangements and the cost of claims; insurance data and information; the impact of accident rates; the impact of unlawful activity on the insurance sector; and other market issues.

The cost of insurance working group has met nine times to date and will continue to meet until the end of the year. The work is being progressed through four subgroups, which have been meeting weekly since their establishment on 1 September 2016. The consultation process is ongoing by both the working group and the sub-groups. The stakeholders include Insurance Ireland and individual insurance companies; the Irish Brokers Association; AA Ireland; the Consumers Association of Ireland; the Law Society; the Bar Council; the Irish Road Haulage Association; the Car Rental Council; the National Transport Authority; and Tiómanaí Tacsaí na hÉireann. In addition, I have invited submissions to the working group from all interested parties to .

At the end of October 2016, the working group provided the Minister for Finance with an initial set of emerging recommendations. The Minister has considered these recommendations and I have discussed them with him. Since then, the working group has been working to finalise the report and is developing an action plan to enable the relevant Departments and offices to commence the implementation of agreed priority actions. The report and action plan will detail any legislative or regulatory changes that may be required and will include a detailed timeline for implementation.

From the emerging recommendations presented to the Minister for Finance and the consultations carried out since they were presented, it is likely that the report will address nine key areas and will feature in the region of 40 recommendations.

See this speech in context