Denise Mitchell (Dublin Bay North, Sinn Fein) | Oireachtas source

Sinn Féin has been vocal for many years in advocating for insurance reform. Some progress has been made but we all know that the latest reforms are not enough. Since they were introduced, we have seen the average personal injury award drop by 42%. Even with these reductions, consumers do not feel that the savings being made by insurance companies are being passed onto them. The idea behind the reforms was to reduce premiums but many of my constituents are still coming to me about the high costs of quotes from insurance companies. We have seen minimal reductions in motor insurance but businesses are saying that public liability insurance premiums have increased over that period.

The results of the latest survey by the Alliance for Insurance Reform make for grim reading. They found that of the 954 respondents, liability insurance premiums have increased by 16%. Of those surveyed, 42% said that insurance costs were a threat to their businesses. The situation is also being seen by childcare providers and many other types of businesses are closing their doors in my constituency. This has a huge impact on the communities that use their services.

The Government needs to ensure that citizens will be protected from inflation in the insurance sector also. For a start, the Government could progress Deputy Doherty's Judicial Council (Amendment) Bill 2021. It would allow us to get a real-time picture of the savings being passed on to the consumer. We must also progress legislation that rebalances the duty of care, making insurance affordable for small businesses, the community, and the voluntary sector. People need to be protected and particularly when these companies are posting massive profits.

See this speech in context