Paul Coghlan (Fine Gael)

I am delighted to welcome the Tánaiste back to the House for this important debate and I give a general welcome to this important Bill.

High insurance costs have been the bane of consumer and business life in Ireland since 1999. In that period we have seen premiums for motor, household and all forms of liability insurance rise by exorbitant amounts. As a member of the Oireachtas Joint Committee on Enterprise and Small Business, I have heard first hand harrowing testimony from business people who have had to curtail their business plans or cease trading directly because of insurance increases being forced through.

There have been suggestions that some premia have increased by more than 100% per annum for each of the four years since 1999. This is a shocking level of increase for any business to sustain and it is particularly galling for a business that has had a claims free record.