Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister of State said it is early days in this process. In fact, it is more than six months since the guidelines were enforced. As we see from the information provided by PIAB, it has reduced average awards by 40%, thereby reducing the cost of claims for the insurance industry. The relevant legislation was not passed by all the parties in this House to boost the profit of insurance companies, but that is exactly what is happening. The legislation was passed to reduce insurance premiums and costs for consumers but the savings are not being passed on in full.

There has been ample time to see what is happening. We have had a study by the Alliance for Insurance Reform, which looked at hundreds of different cases and found that both businesses and community groups had seen an increase of 15% in insurance costs, on average, since the guidelines came into effect. Similarly, we are not seeing the type of reduction that should be happening in the car insurance sector. We need to call a spade a spade. Insurance companies are pocketing some of the reductions in costs that are arising as a result of the guidelines. The Minister of State can meet with their representatives over and over again and have tea and coffee with them. That is fine, but he will never know what they should be charging unless he implements the legislation I have brought forward. I ask him, hand on heart, why in God's name he is stalling that legislation. Surely we all want to do the right thing. Is it just because my name is on the Bill? Progressing it is the right thing to do for consumers and businesses.

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