Michael McNamara (Clare, Independent) | Oireachtas source

I have listened to this debate with great interest. It concerns an issue I have raised previously in this House in the specific context of the difficulties of obtaining insurance for the fair on Spancil Hill. Thankfully, through the efforts of Clare County Council’s elected members and management, that has now been obtained, but I thank the Minister of State for his offer and the work he did as well. As it happens, it was not needed this year, although it may well be needed next year and I thank him for his willingness to try to ensure an event such as that on Spancil Hill would be able to obtain insurance.

Of course, that event is not unique in regard to the difficulties in obtaining insurance. We have heard a lot about the need for reform and for the legal sector to look at how it does its business. I agree with all that and much of it is being done, but there is another issue we need to look at in the context of the rising cost of insurance, namely, the fact Aviva Ireland doubled its profits this year, to €57 million in Ireland, while FBD increased its profits, notwithstanding the business interruption claims through Covid, to €100 million. In the case of Zurich Ireland, I could not find a separate figure for its profits but the Zurich Group was up by 35% internationally, recording profits of $5.7 billion. While there are difficulties in Ireland, there is also a degree of profit-taking by these companies and that needs to be examined because we need to ensure they will not start price-gouging now they have got what they sought.

5 o’clock

The judicial guidelines were introduced. There has been a sharp reduction in the amounts being paid out by the courts, and perhaps rightly so, in the vast majority of cases, especially small cases. We need to make sure that now that the insurance companies have got what they want, they are not just creaming off profits.

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