Dáil debates

Wednesday, 22 June 2022

Insurance Reform: Statements

 

3:37 pm

Photo of Thomas GouldThomas Gould (Cork North Central, Sinn Fein) | Oireachtas source

I recognise and thank my party colleague, Deputy Doherty, for the Trojan work he has done to help reduce insurance premiums and to deliver real insurance reform. Deputy Doherty has led this campaign and this call and I hope the Government will take on board the proposals and solutions of Deputy Doherty and Sinn Féin to help speed up and deliver insurance reform.

The Government is delaying and is dithering. We need delivery now. We need to reduce and see realistic insurance premiums. The Alliance for Insurance Reform has found that 42% of small businesses believe the high cost of insurance is a threat to their business. Voluntary groups, community groups, small businesses and public outdoor events are struggling to operate because of the sky-high premiums. The Government needs to do something here and it needs to step in. A number of soft play children's centres in Cork have closed over the past number of years. It is not just Cork; it is right across the State and is because of the high price of insurance premiums. The costs are too astronomical for these businesses to continue.

I put it to the Minister of State that people are struggling today. They are struggling with the high costs of living and the crisis we are in. They are angry and frustrated when they see the high price of insurance premiums. Motor insurance claims are down by more than 10% but claims awards are down by about 40%. Insurance companies are not passing on the savings. It is on the Minister of State and the Government to ensure that happens.

Community projects and voluntary groups cannot operate and run events this summer because of the cost of insurance. Things are tough this year with the high cost of living and the crisis we are in but now parents and community groups cannot run events because insurance companies are putting profit before people, children and families. This is wrong. I believe they need support. The insurance industry should not be allowed to get away with this.

In the past decade, motor insurance rose by 25% but the average cost has reduced by 29%. The figures add up for themselves. We need reform quickly and we need to let insurance companies know that they cannot put profit before ordinary people and businesses.

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