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

It is not possible to introduce caps either. I must be responsible and I cannot promise something I cannot deliver.

I respect the fact that Deputy Boyd Barrett spends a great deal of time listening to the concerns of taxi drivers. It cannot be easy for them and I am aware of the frustrations and difficulties faced by individual taxi drivers. The industry faces particular issues because it operates as a public service and taxis take public passengers. A number of people share one vehicle and some use them for only a period. Many issues arise in this regard and a number of the issues set out in the report will speak to insurance broadly and this will impact on taxi drivers. The report also includes recommendations as to how this specific area can be addressed in future. We will look at that and see what recommendations could flow from that.

The Deputy pointed towards State involvement in the insurance market. If the State were to become involved in the sector, it would face the same costs and problems as private companies in respect of reserving, price and uncertainties concerning pay-outs. The insurance sector would pull out of the riskiest business, leaving the State exposed. As a result, the industry would make even larger profits because it would no longer take risky business. The State would have to take on risky business, which would result in a massive, unquantifiable explosion in costs and taxpayers would have to pay this liability at a point when they cannot pay any more. In addition, this approach would take a number of years and would not resolve the problems we have today or lead to reform of the insurance sector.

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