Paul Donnelly (Dublin West, Sinn Fein) | Oireachtas source

I also thank Deputy Doherty for his absolute determination to challenge this industry and his consistency in defending all of us who have car and home insurance, especially those who are older and vulnerable. I listened incredulously to the Minister of State's speech. He talked about underpricing and overpricing as if an insurance company would ring somebody up and offer them a product on which it would lose money. I am absolutely incredulous that he stood here in this convention centre and said something like that. The Government is talking about kicking the can down the road and protecting insurance companies over their customers.

It is important to outline what is being proposed. We propose to ban the use of dual pricing in home and motor insurance; require insurance companies to inform consumers of the rating factors they have used to calculate their premiums and the amounts to be paid as a result of each rating factor; require the Central Bank to draw up and enforce regulations to govern the ban; require the Central Bank to draw up a code of practice that can be used against insurance companies by the Financial Services and Pensions Ombudsman in the courts; and allow the Central Bank to sanction insurance companies that continue to use dual pricing.

Everyone who has spoken today has outlined the experience of somebody in their constituency. I wish to draw attention to two examples. A young man who looked for insurance was first quoted €1,900. When he informed the company that he had Deputy Doherty on the case, it came back to him on the same day and quoted him €1,290 for his insurance. Another man who was with the same insurance company for seven years was quoted €935. When he demanded why it had gone up to such an extent, it was reduced to €640. That is not just two people's experiences; that is all our experiences. When people get an insurance quote, the first thing they do is ring that insurance company to ask why it has increased to such an extent. They demand a reduction in insurance premium because it is increased for no good reason whatsoever. The reason is price gouging.

It is important for the Government to defend the people and not the insurance companies. I call on the Government to withdraw its amendment and to support the Bill.

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