Frank O'Rourke (Kildare North, Fianna Fail) | Oireachtas source

I welcome the opportunity to speak on this motion this evening and I support the amendment put forward by the Fianna Fáil Party. This is an issue of significant importance. My colleague, Deputy Michael McGrath, and our party have been to the fore over the past several years in highlighting the problem with motor insurance, as well as looking for solutions to be put in place and implemented as a matter of urgency. The impact this is having on everyday life is critical. It is raised every week at constituency clinics and affects everybody who must take out a motor insurance policy, whether it is a private motorist, a SME or a haulage business. It is having a significant negative impact.

The measures brought into play by the Government are not having the proper impact quickly enough. When I renewed my motor insurance policy recently, for no reason my premium had increased by 15%. The problem is that when one looks at the Central Statistics Office, CSO, figures, there has been an overall increase of over 31%. This has a serious impact on people of all ages, putting motor insurance out of their reach. That has serious consequences.

Why do we not open the market to other European insurance companies to help curtail and put manners on the existing companies operating in Ireland? I have said before in committee and in the House that one would be forgiven for thinking that the current insurance companies operate as a cartel. When one shops around, there is no difference in premia. How does that come about? It does not make sense.

Drastic action is needed to bring further improvements as a matter of urgency because it is having a negative effect on everybody who needs to avail of motor insurance, not as a luxury but out of necessity.

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