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

It has been a number of months since the guidelines were introduced. I want to put it on the public record that there has been a decline in the cost of motor insurance premiums, as per the figures produced on an ongoing basis by the Central Statistics Office, CSO. The cost of insurance has reduced by at least 20% in recent years and that has continued right up to the present quarter. The early indications from PIAB show reductions of up to 40%, which will see a proportionate reduction in the overall costs making up premiums and a consequent reduction in their cost to consumers.

The other point I want to mention is there have been some increases in business and other types of insurance. In a number of particular sectors, there are local problems. This could be to do with high-risk factors or a lack of competition due to Brexit. It is only happening in a certain number of sectors. I am meeting with Insurance Ireland and the Alliance for Insurance Reform in the coming days to discuss the particular sections of industry that are experiencing this problem, which is generally not affecting the vast majority of businesses.

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