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

I thank the Deputy for his support. I know that the reforms are legitimately supported on every side of the House. Let us make no mistake that the biggest issue we face in the insurance sector is the extraordinary level of awards. The report conducted by officials in the Department of Finance on rewards and benchmarking them with those made in the United Kingdom, our nearest neighbour, produced startling figures. The indications are that the equivalent award in Ireland is between three and five and a half times more. That is the first piece of data we have and it is really helpful. The book of quantum has been reviewed, but the only way it can be reduced is if the Judiciary reduces the awards made. The book of quantum reflects the actual awards made, not the amounts we would like to think should be awarded. When I speak about the cost of insurance, I always make the point that the reason it is so expensive in Ireland is the level of awards. If the awares are high, we cannot hope to have low premiums.

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