Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

Insurance companies in Ireland are still ripping off their customers. The industry pocketed huge savings during the pandemic. In 2020, the cost of claims to insurance companies fell by 20%, but the price of premiums for customers fell by only 7% and the average rebate was a mere €17. The cost of claims is set to fall again this year but it is very clear insurance companies cannot be trusted to do the right thing and will have to be forced to pass savings to hard-pressed customers. Legislation introduced by my colleague Deputy Pearse Doherty requires insurers to pass savings to customers euro for euro, but the Government has blocked this legislation for nine months while also frustrating Sinn Féin's attempts to ban the loyalty penalty. The Government has let consumers down and the insurance industry off the hook. When will the Government end its blocking of Deputy Doherty's Bill and give ripped-off insurance customers a break?

See this speech in context