Donnchadh Ó Laoghaire (Cork South-Central, Sinn Fein)

We are at a time of year when families are just coming up for air after paying the back-to-school costs and before long they will be looking at the big costs of Christmas and everything to do with it. Right now, there is very little air for them to get. They go into supermarkets and the grocery bill is higher than ever. If they are renting, their rent is skyrocketing. If they have mortgages, they are likely going up as well. At the same time, many of these people will get a bill for motor, health or home insurance and see it going up again.

This has been talked about for six or seven years frequently. I give huge credit to Deputy Doherty for highlighting these issues and pushing the Government. However, what is frustrating is that the approach of the Government seems to be all carrot and no stick and it is not delivering results. People out there, the same people who are looking at their grocery bills and wondering how they keep going up, feel ripped off and they are right to feel ripped off. They are certainly right to feel ripped off when they are looking at insurance bills that are going up and up from an already high level. The cost of motor insurance went up almost 12% last year at the same time as the sector was looking at profits of 8%. Insurance companies are coining it on the backs of ordinary motorists, families and workers, who are going about their business and have very little choice.

This the other thing about insurance. Sometimes we talk this about this as a private good or service. People are required to have most of these types of insurance.

They cannot go on the road without motor insurance. They are not entitled to buy a house without home insurance. These are things that are required. I have not even touched on businesses and community organisations. So many businesses can barely afford to keep going and so many community organisations have decided to cancel events or not go ahead with initiatives because of insurance costs. All these are crippling community organisations and business and, in truth, they are throttling communities and it is all because of this rip-off.

It is time for action on this. The carrot approach has been tried. The industry has got most of what it has looked for. It is time to put pressure on them. This legislation is a crucial tool to do so and to put pressure on them to pass on those profits to people who are struggling at a time they are under pressure from every direction. They deserve some relief on motor insurance and all kinds of insurance along with businesses and community groups.

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