Joanna Byrne (Louth, Sinn Fein)

Insurance costs in this State defy belief. The reasons given by insurers for costs being so high defy logic and are beyond rational realisation. However, the Government will not tackle them and their obvious profiteering despite mountains of evidence that should demand action from any government, anywhere, that really has the best interests of its citizens at heart.

Sinn Féin, from the Opposition benches and in the committee rooms, battled hard to get reforms introduced that should have seen the price of insurance premiums and the financial strain on consumers drop dramatically. However, the insurers have not implemented the reforms and have not dropped the premiums. In fact, they have brass-necked it out and increased premiums because they know that this Government, like the previous Government, is a do-nothing government. They know insurers will not be held accountable for high premiums because the Government does not have the rights of consumers in mind when it looks at insurance costs.

The cost of motor insurance went up a whopping 11.5% over 12 months in 2024, more than four times the general rate of inflation. It is almost double the EU average. How do they explain that to the Minister of State when he confronts them with this data? Does he even speak to them about it? Public and employer liability premiums have risen 56% over the past ten years. At the same time, the loss ratio has fallen from roughly 80% to 53%. Claims by cafés, hotels and restaurants more than halved between 2019 and 2023. Shops and stores saw a 44% decrease and sports and athletic areas experienced a 38% reduction. There are low volumes of claims for accidents in childcare settings, a sector that has historically reported high insurance costs, but insurance is one of the reasons that paying for childcare is still like paying a second mortgage. We used to hear from insurers that the high volume of claims was to blame for the high premiums. Claims are down but prices are still up.

The Government has a chance to end this insurance rip-off by backing Sinn Féin's legislation. This will hold companies to account, cut costs and keep money in people's pockets. The Government should stop being a do-nothing government. It should act now and stop allowing these companies to rip people off while making eye-watering profits. It should play its part in making life more affordable for people.

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