Richard O'Donoghue (Limerick County, Independent) | Oireachtas source

Since the action plan for insurance reform was published in December 2020, I would like to think it has brought transparency to the insurance industry. I understand that price walking or loyalty penalties will be illegal by July of this year. The Central Bank has banned this practice from 1 July. Did the Minister of State know that if one half of a married couple gets penalty points, and if they are insured on a second vehicle in the family home, the insurance company will shove up the premium on the second car, even though it is not that person's primary vehicle? Is that not illegal? If one person gets penalty points, the insurer will raise the spouse's insurance as well because their partner is named on the insurance policy. They are shoving up premiums based on that. Is that legal? It should not be happening.

For SMEs, insurers are basing the premiums on their turnover. Their product is costing more so their turnover is higher but their profit is less and the insurers are charging more for insurance cover. That is not right either. What are we going to do to counteract that? Insurance companies are putting up car premiums because of the lack of vehicles in the country. They say the vehicle is now worth more so they are charging more for the same vehicle, which is a year older, because of inflation. That is not right. Hotels are being charged an excessive amount of money for insurance. They are creating employment and creating a place we can go to socialise or holiday. The person booking the hotel ends up paying for it because they have to add on the costs. It is all a knock-on cost, which the insurance companies are using. They are also using the hotels' turnover to raise their premiums. Everything in this country is being driven by inflation and insurers are jumping on the bandwagon. They are just shoving up insurance prices because they are allowed to by the Government.

See this speech in context