Matt Shanahan (Waterford, Independent) | Oireachtas source

The Central Bank has just produced the latest liability data up to 21 December 2022. It has taken 15 months to publish that.

Will Government give a commitment to publish the 2023 data before the summer recess to see what is happening in the insurance market? The headline takeaways in terms of the report that was just published are that insurance profit margins have risen 55% in the last year, in comparison to 9% and 14% in the previous two years, but liability insurance cover has risen this year by 8%. The cost of settlements continues to drop and is now down €43 million, or 14%, but legal costs have increased overall compensation costs by over 60%. I ask the Tánaiste to please have a look at this. Will he also look at speeding up the licensing for new underwriters through regulation? It is taking up to three years. Surely we can do it in much less time.

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