Michael Moynihan (Cork North West, Fianna Fail) | Oireachtas source

I welcome the opportunity to speak on the debate. I thank Deputy Michael McGrath for his work on the matter. I welcome the people in the Public Gallery who have taken time out of their business to make a statement that they are crying out for insurance reform. The men and women in the Gallery can outline their own personal experiences with the cost of insurance in the hospitality business and in every aspect of business. They are looking for a roadmap to try to reduce the cost.

Many businesses are considering the possibility of trading without insurance and we all know what that leads to. We all know the dangers of that regarding personal guarantees on their own homes and everything else. They are looking at claims that have been settled. There is an old saying that he who pays the piper calls the tune. However, the policyholders only find out about the settlement of the claim when they go to renew their insurance. That is not acceptable. They may have questions over whether the claim was accurate or whether it was fraudulent.

In some cases insurance premiums have escalated by hundreds of percent. The powers that be are talking about reports in 2019, but that will be far too late for many businesses. These people will be looking for help to sustain their businesses. I could spend the next two hours of this debate talking about how people have been treated, and the legal and other costs to their businesses. Of course, many businesses are fronting up the first €10,000 of a claim and in some instances I have been informed of it being €30,000. All that has to be factored into their businesses.

We have to face down a number of issues, including the book of quantum for claims. There is disparity in how certain injuries are dealt with in different jurisdictions. We need consistency in that regard. Every policyholder needs to be informed of how that figure is calculated. They are sending out insurance policies and many brokers are working extremely hard to get underwriters to give the best deal. Many of the underwriters are leaving the Irish market and leaving thousands of people with escalating insurance costs.

We are asking for a roadmap. There is huge support in the House to move it forward. We want a roadmap to try to reduce the costs with immediate effect, not in one, two or three years' time. I am grateful for the opportunity to speak on the matter. It is a desperately serious issue and we need action on it now.

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