Michael Collins (Cork South West, Independent) | Oireachtas source

We should not let the insurance industry off the hook. It should be held to account. We need to verify that reductions and awards facilitated in personal injury cases by the House of the Oireachtas are passed on euro for euro to consumers in order that policyholders see a reduction in their premiums as they take out insurance. Those savings must be passed on to customers in the form of lower prices. There must be no excuses. We have spent years and years discussing this matter here and it is falling on deaf ears. I fully support the Bill brought forward by Sinn Féin.

We saw during Covid how businesses were left high and dry with no insurance to cover them for closures. The way publicans were treated was nothing short of scandalous. Their businesses were and continue to be ruined and wrecked by Government. The insurance companies tried every which way to get out of it and it was like a scam in its own right until they were held to account by the courts. Some of them were trying to defend themselves after that again. They remind me a bit of An Taisce. They throw in appeal after appeal and, when they lose a case, they keep coming back again. The insurance companies are ruthless in their attempts to destroy people instead of working with people. I am very annoyed at the way insurance companies have worked.

We also saw the debacle with insurance related to the flooding in west Cork, including Bantry, Skibbereen, Bandon, Rathbarry and Rosscarbery. People had property insured but when they get flooded once, they will never again get insurance. The Government brought in a compensation package for businesses. That package should have covered businesses, regardless of whether they had insurance. I know of hotels in Skibbereen and many businesses in Bantry that were destroyed. It is crazy that some that had insurance could not get the compensation package and some of those that had insurance are still holding out. I met a businessperson over the weekend who still has not been paid by the insurance company. He told me they do not know whether they will get the business up and running again. Young drivers all over the country are being quoted enormous amounts. These young people cannot afford that. The Government has to come in here.

On a different issue completely, I met with the west Cork credit unions yesterday. The Minister of State is in charge of credit unions and I would appreciate if he would act quickly. Credit unions in west Cork, and others, are in a desperate situation.

See this speech in context