Robert Troy (Longford-Westmeath, Fianna Fail)

The Deputy is right. Despite the reforms introduced, premiums are too high and are higher than where we would like them to be. International inflation can account for some of those reasons but there are two other reasons: legal fees are too high, and insurance companies, in certain years, are making profits that are too high.

With regard to the legal fees, the Injuries Resolution Board is a tried and tested mechanism by which people can submit their claims and have their compensation paid out in a timely and cost-effective manner. We need more people with legitimate claims going through the resolution board, ensuring that the legal fees are radically reduced.

On the high profits of insurance companies, we need greater transparency with regard to how premiums are set to ensure that insurance companies' feet are held to the coals and they are passing on the savings being delivered by the reforms introduced by the previous Government.

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