Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The Government is focused on a multifaceted approach, introducing different Acts and reform of PIAB. The personal injury guidelines that were recently introduced are already having a significant impact, as the Deputy and I said, but that has to filter down to the cost of insurance. The insurance companies have an obligation in that respect and they need to step up to the plate because the various measures committed to have been delivered in terms of legislative change, of which there is more to come, and also in terms of the personal injury guidelines and reform of PIAB. The Minister of State, Deputy Troy, is working on legislation to reform PIAB. The Government is, therefore, taking a multifaceted approach. The Government cannot directly intervene in the insurance market and States are prohibited from doing so under the EU Solvency II Directive on the insurance framework.

We have to create the right conditions and environment, and competition, within the market to ensure that we can drive prices down.

See this speech in context