Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I will conclude as quickly as I can. I understand the comments being made. There a few points on which I would like to elaborate. Everybody knows that the insurance industry is regulated by the Central Bank. Nobody in the Department of Finance is trying to tell the Central Bank and individual companies how to run their individual policies. The Deputy across from me now would be the first to say that I was interfering in an area in which I should not interfere. That said, we want to ensure that the industry works the way it should.

Second, the judicial guidelines that came out earlier this year have brought about a reduction in settlements so far. The Personal Injuries Assessment Board, PIAB, issued a preliminary report before the summer showing a reduction in the cost of claims. What the insurance companies in Ireland and those coming to Ireland want is a bit of certainty on how much it will cost if there is an accident.

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We did not have that up to now but we have had it since April of this year. That helps attract businesses into Ireland, perhaps including businesses that left as a result of Brexit, which was not our decision. In light of that, I have also had regular meetings with IDA Ireland with a view to getting new insurance companies to enter the Irish market. At least two major international companies are seriously looking at the Irish market now that they have a bit of certainty regarding the cost of doing business here.

With regard to duty of care, this is one of the actions listed in the action plan for insurance which we published approximately 12 months ago. Two thirds of those commitments have already been implemented in those 12 months. I look forward to bringing that particular matter to a conclusion in the months ahead through the introduction of robust legislation in that area which will make it safer for businesses to operate in difficult situations such as this. I know there is certainty regarding the cost of claims.

I have met a number of Deputies here in the House in recent days who have said that their personal motor insurance quotes have gone down in the last 12 months. I know some will have had different experiences but many people are experiencing reductions in their insurance costs.

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