Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Central Bank's second report has completely and utterly destroyed the spin which the industry uses to justify the high cost of insurance premiums and which is all too often peddled by Fine Gael and Fianna Fáil Ministers and Deputies. For years the Government has told consumers that high premiums are solely caused by the high cost of claims, or that they are the result of some kind of delinquent compensation culture in this State.

The facts of the matter, however, show something very different. The Central Bank found that between 2009 and 2019 the cost of claims fell by 9%, the number of claims fell by 45% and, despite this, the average motor insurance premium was 35% higher in 2019 than in 2009. As I said, the industry is gouging customers and making superprofits and, mark my words, its profits will increase next year.

I want to know what concrete actions the Minister will take. Will the Government, for example, stop blocking for another year my legislation, including key sections agreed by the House? Will the Minister lift the block on that legislation and show us for once and for all that he is really serious about taking on this industry instead of being in its pocket? The latter is the only conclusion I can draw as customers are ripped off over and over again and the Minister decides personally, after having sat with the industry earlier this year, to block key sections of my legislation.

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