Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I too compliment Deputy Michael McGrath on raising not only this issue, but insurance generally over a long period of months. It is a matter of enormous frustration, as I am sure the Minister of State, Deputy Breen, is picking up, that insurance costs are rocketing. People are shocked when they go to renew their insurance, yet all they see from this House is debates and reports being published which have no impact on the price of their premiums.

From PMPA to Quinn, Setanta and Enterprise, we keep wishing misery on ourselves. We keep not learning the lessons. If we had learned the proper lessons from PMPA, Setanta or Enterprise would not have happened. We need to draw a line under that period of insurance and offer certainty to those who are buying insurance products, particular motor insurance, in this country. We need to offer answers in relation to the ten companies that trade in Ireland but are registered in Gibraltar. What protections will be in place for customers after Brexit in terms of the companies' standing and their responsibilities?

We also need to shine a light on the motor insurance sector. Why are costs rocketing? I looked this morning at yesterday's report from the Central Bank on motor insurance which stated the sector has room to improve. If one is being targeted with a 40% to 50% premium rise, as are many people with no claims histories, full no-claims bonuses and no changes in their circumstances, there is more than room to improve. As the Minister of State with responsibility for enterprise and for employment, Deputy Breen, needs to shine a light on the practices in the same way that one of his predecessors, the former Minister of State, Mr. Noel Treacy, did many years ago, bringing a change to the cost of premiums and certainty to consumers.

We also need to give proper standing to returning emigrants. There is no sense in the Government encouraging emigrants to come back and take up careers in the country when they will be creased by insurance costs and not given any credit for a no-claims bonus from any other part of the world. In fact, insurance is one of the issues that is prohibiting and discouraging emigrants from coming back here to take up positions.

Insurance is a major issue, and a major cause of concern and worry. The Government needs to resolve the outstanding issues from Setanta and give certainty and some sort of balance to what is going on for consumers of insurance at present.

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