Robert Troy (Longford-Westmeath, Fianna Fail)

Let us be clear. Insurance premiums increased proportionately by about 65% in the UK from 2016 to 2024 and by around 20% across the eurozone. In contrast, Ireland saw a 34.3% proportional reduction in the average motor insurance premium over the same period. I accept that in the last number of years we have seen the change going the other way and that is why there is a commitment in the programme for Government to establish and carry on the work of the Cabinet subcommittee on insurance reform. In the next number of weeks, we will bring forward a new action plan that will build on the work of the previous action plan and will deliver further reductions in the cost of premiums for our consumer. I also accept, and I agree with the Deputy, that we do need to see greater transparency and greater accountability in how insurance companies are setting the prices, and he will see action in the action plan in this regard.

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