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

As outlined to the Deputy in previous responses to parliamentary questions, the stakeholder consultation formed the foundation upon which the two primary reports of the cost of insurance working group were developed. The consultation process involved a wide range of stakeholders representing different voices within this sector, including representative bodies, the major individual motor insurance providers and interest groups. The impact of excessive premiums being charged to consumers from all counties was a feature of the engagement with industry.

Let us put this in context. I recently met representatives of Insurance Ireland. The question about the profits of companies has been raised. The profitability of the 17 insurance companies for 2017 was over €200 million. To date, only three companies have reported profits for 2018 of that level. The other 14 companies have not yet reported their profits. The have already reached or gone close to the full level of profits for the previous year. The sector will be highly profitable to the tune of hundreds of millions of euro. I have stated clearly and openly to Insurance Ireland representatives that they need to correspond and speak with their members. I have said that profitability needs to be passed on to premium holders at every level, including motor insurance and all other premium holders, excluding non-life.

Good faith has been shown in this Chamber by Deputies Michael McGrath and Pearse Doherty among others. We have received co-operation in passing legislation. We passed three Bills last year and one Bill this year. I hope we will get more through. The Minister for Justice and Equality is working on the Perjury and Related Offences Bill and there are Bills proposed by Deputies Michael McGrath and Pearse Doherty. Good faith must flow in both directions. The cost of premiums must be reduced in all of the different areas immediately rather than having to wait six or 12 months to see what happens with the report from the Judiciary and the Judicial Council Bill.

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