Carol Nolan (Offaly, Sinn Fein) | Oireachtas source

Gabhaim buíochas leis an gCeann Comhairle as ucht an deis labhairt ar an topaic fíor-thábachtach seo inniu. Every Deputy in this House knows that the cost of insurance, especially motor insurance, has been a major issue of public concern for some time. Deputies across the House have been constantly saying that.

There is huge public anger about this issue. The insurance companies have not taken any responsibility and have made every attempt to deflect from their duty to address this issue. The failing business model employed by insurance companies is the real reason for the increases and customers have become the easy targets to recover the losses from imprudent investments. I commend my party colleague, Deputy Pearse Doherty, for all his hard work in highlighting this important issue. It was on foot of his suggestion that the committee on finance engaged with relevant stakeholders and produced a report. The report of the finance committee lays out clearly many measures that would help create greater transparency and would potentially reduce prices. Furthermore, the Government’s own report on the issue makes 70 separate recommendations in this area.

Another issue relating to motor insurance is the refusal of insurance companies to insure cars that they deem to be old. These would be cars with 1995 and 1996 registrations owned by elderly people who have an NCT certificate.

These people are facing the absolute refusal of companies to insure their cars. This needs to be investigated because it is not good enough. It is clearly showing again that our insurance companies are trying to take advantage of people. It is discrimination against people who cannot afford newer cars.

The Government has shown a lack of urgency in addressing all of these issues. We need action now. We are not going to sit back and allow this to continue. The Government must commit to the full implementation of the report on the cost of motor insurance without any further delay or excuses. We need to ensure that appropriate oversight of the sector is established and maintained in order to protect consumers. I am happy to say my party will be supporting this motion and I urge all Deputies in the House to do the same.

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