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

The citizens of Ireland must be living in a different place from this Government. The young people of Ireland are definitely living in a different place because what the Minister of State explained in his statement to us bears no resemblance to what is happening on the ground. We have to end the insurance rip-off and reduce premiums for consumers.

The personal injuries guidelines which have been in place for over a month have significantly reduced the cost of claims for insurance companies. The insurance companies, however, are clearly not keeping their promise to reduce the costs of insurance. As stated earlier, the survey launched by Sinn Féin’s spokesperson, Deputy Doherty, found that 58% of respondents who received their renewals since the new guidelines came into effect actually saw their premiums increase and only 22% saw them fall.

The insurance industry promised to reduce premiums for motorists and businesses significantly as a result of these guidelines. It is disgraceful that on the evidence so far these savings are not being passed on to their customers. This must happen. These insurance companies will do what one inspects and not what one expects. The days of wanting insurance companies to do the right thing are over. The Judicial Council (Amendment) Bill, as proposed by Deputy Doherty, will require the insurance industry to provide information to the Central Bank for each of the next four years outlining how the cost of claims has fallen as a result of the new personal injuries guidelines and if and how they passed these savings on to their consumers in the form of reduced prices. The legislation requires the Central Bank to report this information to the Minister for Finance with the report brought before each House of the Oireachtas annually. The insurance industry must be held to account and we must ensure that every cent that should be passed on is passed on to the young people who are being forced to pay thousands of euros every year in insurance costs. They are the people who are being ripped off, together with businesses. The insurance companies are the ones which are making mega-profits and this has to end.

It is important and it was noted earlier on that similar regulations are already in effect in Britain. These are not unique or unknown to the industry. I commend this Bill to the House.

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