Bobby Aylward (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I do not accept that the cost of insurance policies is coming down. We can see the position on a daily basis from reading the newspapers. Voluntary groups in particular are suffering because of insurance. They are being crippled and will ending up closing down. Last week, the Irish Independentreported that insurance companies enjoyed a profit surge of over 1,300% in 2017. The article stated that new figures for the industry show that the 17 general insurance undertakings in the market made a combined operating profit of €227 million in 2017. That is the latest overall data for the sector. I accept that these figures incorporate insurance cover for homes, drivers and businesses but it speaks to a more important point. These insurance companies are making incredible profits. We are not seeing any savings whatsoever being passed to the consumer. That is the most important point. Consumers continue to be charged premiums that amount to daylight robbery. From 2013 to 2016 the average motor insurance premiums increased 70%. More premiums have fallen recently - I accept that - but they are still 50% above 2008 levels. We can talk all we like but the real action is happening and people are being screwed badly. Whatever form it takes, we need to do something.

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