Pat Casey (Wicklow, Fianna Fail) | Oireachtas source

This motion is welcome. I commend my colleague, Deputy Michael McGrath, on ensuring that rising insurance costs and the stranglehold that insurance companies have on the private and commercial market is under relentless focus by Fianna Fáil. I want to focus on the commercial motor insurance market in particular as I feel that often when speaking about rising motor insurance costs we fail to recognise this sector. I know of a commercial business in Arklow that is being held hostage by the failure of this Government to tackle the insurance industry. Its story perfectly illustrates the unacceptable monopoly of the insurance industry in Ireland. This long running family business has seen a rise in its commercial motor insurance of almost 45% this year alone. This cost increase to this company, which is an excellent employer in Arklow, is threatening the viability of the business. The obvious response is to tell this company to shop around for a competitive quote. Not only can this family business and local employer not get a competitive quote, it cannot get a quote for the same cover from any competitor in the insurance industry. The only alternative quote would not provide cover to its employees which, in effect, makes it meaningless. This business, as in the case of many other businesses, is being held hostage by the insurance companies which can charge what they like as they know there is no option other than to close the business. This is disgraceful, immoral and should be illegal.

Fianna Fáil has been consistent and determined in raising and proposing solutions to rising insurance premiums. It has a 12-point programme to tackle motor insurance costs which it is hoped this House will support.

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