Michael Healy-Rae (Kerry, Independent) | Oireachtas source

First, I thank the Fianna Fáil Party for bringing this very important motion regarding the collapse of Setanta Insurance in April 2014 before the House. The fact that 1,666 claims remain unsettled at an estimated cost of up to €95.2 million is obviously outrageous. I would like to be allowed use this opportunity to speak in general about what is happening in the insurance world today and about the fact that premiums in Ireland for our young people and business people are spiralling out of all control. It is absolutely ridiculous to think that a nice, young, genuine boy or girl starting out in life, turning 17 or 18, can buy a perfectly good motor car for €500 or €1,000 and that the first thing they must do is get insurance quotes of €2,000, €3,000, €4,000 and €5,000. This is absolutely ridiculous. Equally we have business people who have seen their insurance for small pubs, small shops and outlet centres going from €3,000 and €4,000 up to €30,000 and €40,000.

It is absolutely criminal.

Why are we in this situation? Prices have spiralled out of control and bogus claims are a dime a dozen, but the Government is dragging its feet on this issue. There were meetings after meetings for weeks about what the Government was going to do regarding the insurance premium crisis, but there was nothing at the end of the process except a puff of smoke. Something will have to be done. The Government can sit late at night to pass legislation to put a cap on rent, but cannot intervene and put a cap on insurance companies exploiting the citizens of the country.

All that came out of the meetings that were held to discuss insurance was that insurance companies would have to give a reason for the increase in insurance costs, but they could charge whatever they like. It is inherently wrong. Many people are travelling on the roads without insurance because even though it is illegal, they cannot afford to pay for insurance. It is ridiculous and wrong. The situation regarding bogus claims is frightening. Insurance companies should be forced to fight such claims in the courts.

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