Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

Of all the insurance issues I have taken up since I was appointed Minister of State, this involves the most effective group of people I know. The group is cross-sectoral and comprises officials from the Departments of Justice and Equality; Transport, Tourism and Sport, and Finance, as well as the Central Bank. Everyone is working to try to implement the recommendations made in the report as quickly as possible. There is, however, no silver bullet and the effect will be cumulative. We have to examine a number of facts. Prior to 2011, there was, in effect, a price war in the insurance market. Price wars never end well. Companies were providing insurance policies at too low a rate. The increase in cost since has been about 60%. There has been a 15% increase since the peak. However, things are moving in the right direction. We have dealt with all of the recommendations made, the implementation of some of which will take time. It will require co-operation with other Departments and agencies over which we do not have control, but we are pushing and pulling in every which way we can to try to implement as many of the recommendations made as possible in order that we can bring down the cost of insurance. I know of the impact hikes in the cost of insurance premiums are having on individuals and businesses.

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