Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

According to the latest figures from Insurance Ireland, the insurance industry showed profits of €227 million, or close to a quarter of €1 billion, in 2017. This represented an increase of over 1,000% on the 2016 figure. At a time when customers are being fleeced and gouged by the insurance industry, today's news of huge profits for insurers must mark an end to the Government's kid-glove approach to the industry, which has spun and blustered its way through years of unjustifiable increases in motor and business insurance. It is obvious that there are issues with fraudulent claims and awards.

There is obviously an issue in terms of unjustifiable claims, of which the Minister will be well aware, given some of the antics of Members on the Government benches. These issues have not resulted in massive increases in premiums; they have always been there. The clear issue, as the most recent evidence proves, is that the insurance industry is fleecing its customers. What we need now is what happened in the past, namely a commitment from the insurance industry that any reforms will result in decreases in premiums. We need to stop the kid gloves approach. We need to take this industry on because motorists are being absolutely fleeced, businesses are being put to the pin of their collar and community groups are unable to continue with their activities. Alongside new legislation, including my Bill on the insurance industry - Government support for which I welcome - will the Government secure a commitment from the industry that any reforms that come down the line, whether related to fraud or awards, will automatically result in a decrease in premiums, as was done by the Irish Insurance Federation many years ago?

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