Pearse Doherty (Donegal, Sinn Fein)

The response of the Minister of State is disappointing. Until the problem is diagnosed, we are not going to get a solution. I have said this before. It is not just the Minister of State. It must be the Department because his predecessors have done the same thing. That is cheerleading for the industry. The industry is making profits that are way above the norm. Motor insurance is up 10% since the start of the year. Our premiums are nearly double the European average. The profits the insurance companies are making are double those of their competitors in Europe. The profits these companies are making are more than double what they told the committee, if it brought in all the reforms that have been brought in, they would be targeting. The Minister of State says the Government has made substantial progress in relation to the reforms, and he is right. They have been passed. I supported them; some of them I actually brought in myself. The question is who the reforms have benefited, because they are only benefiting the pockets of the industry. Premiums are going up relentlessly. We have to call a spade a spade. The industry is gouging here.

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