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

The single biggest issue with insurance is the level of awards. We have all seen people with low damages with a low impact on them receive substantial awards. Insurance companies in a number of sectors have left those areas because of the levels of awards. We have passed the Judicial Council Bill. The Judiciary and Chief Justice have been very helpful. The establishment of the personal injury committee within the judicial council will happen in parallel with the establishment of the judicial council. We expect the announcement within days of the seven judges who will participate in the review of the guidelines. The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach has publicly asked insurance companies if premiums will come down if awards come down and they have all said that they will. The companies have said the same thing to me in private. I have been to London to meet the London-based underwriters about insurance here in Ireland. They also say that if awards come down, so will premiums, and the risk appetite will be improved. The work is being done. Those who say nothing is being done are wrong. The objective is to get the five primary areas of personal injury reduced by the end of the year.

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