Imelda Munster (Louth, Sinn Fein) | Oireachtas source

The Minister did not quite make it clear whether he had seen or read the joint committee's report on the rising cost of motor insurance. The rising cost of motor insurance is extremely troubling. The Minister said in June that explanations were required and that further investigation was needed. I am glad that he met representatives of Insurance Ireland and the Minister for Justice and Equality, as he said he would. The reality is that up until July 2016, insurance premiums had risen year on year by 38%. In the last three-year cycle they had increased by up to 70%. Many people have reached the stage where they cannot get a quote. It is impossible and they are being priced out of the market. Given that it is a legal requirement to have motor insurance, the increases put people in a very difficult set of circumstances.

Insurance companies state fraud is a major issue in the sector. Perhaps it is - I am sure there is an element of it - but if the companies claim fraudulent claims result in an increase in insurance premiums in the order of €50, it does not go anywhere near explaining the huge increases, sometimes in the order of 200% or 300%. Will the Minister consider having or support some kind of public nationalised insurance scheme for vehicles, given that having motor insurance is a legal obligation?

At the same time, we leave the entire matter in the hands of the private market.

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