Johnny Mythen (Wexford, Sinn Fein) | Oireachtas source

I thank Deputy Doherty for bringing this Bill forward. It is a culmination of intense research based on the principles of transparency, fairness and accountability. At the heart of this Bill is the protection of working people and their families. Any owner of a vehicle will say that their premiums over the last few years have increased, year in and year out, especially for young drivers who have been subject to extortionate quotes, where these quotes often exceed the value of the vehicle itself. This Bill gives this House the chance to correct and rein in this practice of gross profiteering and legally requires the insurance industry to supply information to the Central Bank to show categorically how claims have been reduced as a result of the new personal injury guidelines and, more importantly, how these savings will be reflected in premiums over the next four years and will be passed on directly to the customer.

We all know, as sure as night follows day, that if insurance companies are left to their own self-regulation, the full savings created by the new personal injury guidelines will not be passed on to the customers or the full empirical numbers for claims will not be made public.

In 2020, the Central Bank found that the average insurance premium increased by 35% in the last decade and that 2.5 million policyholders were overcharged by €187 million in a single year. This Judicial Council (Amendment) Bill is, therefore, so important because it legally requires the insurance industry to provide information to the Central Bank on the reduction of claims due to the new personal injury guidelines.

It also states that the Central Bank is legally bound to pass on that information to the Minister for Finance specifically stating that a report be brought before the Irish Parliament on an annual basis. This part is crucial as it will deliver a more robust, measurable, transparent and accountable insurance industry that will benefit motorists, businesses and homeowners alike.

The Bill should be supported from across all sides of this House because it gives homeowners, businesses and motorists a fair deal for their hard-earned cash and will prevent any further gouging or dual-pricing, which will continue if we rely on the insurance industry to self-regulate. I thank my colleague Deputy Doherty for the extensive work he has done on this Bill. It is a pity that the Government has again capitulated to the insurance industry and conceded to the delaying of this good legislation for another nine months in its latest amendment.

See this speech in context