Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

On Tuesday, the Central Bank's latest motor insurance report was published and it makes clear that the insurance industry is continuing to rip-off its consumers. It is now two years since the personal injury guidelines came into effect. These guidelines significantly reduced the cost of claims for insurers but motor premiums have only fallen by 5%. When the industry was campaigning for this in 2019, the CEO of Zurich Insurance Group told the committee that if soft tissue personal injury awards fell by 50%, and insurers did not reduce prices between 10% and 15%, then questions should be asked. Instead of passing on the savings to customers in full, what is happening is that the insurance companies are pocketing the savings to bolster their profits. The time is up for the industry. I introduced the Judicial Council (Amendment) Bill 2021, which is before a committee, and I ask that the Government works with me in holding the industry to account. This legislation would ensure the industry would have to report to the Central Bank detailing how it has or has not passed on all of the savings euro to euro to customers. It is two years on and premiums have not come down to where they should be. We need to act on this.

See this speech in context