David Norris (Independent)

I congratulate Mr. Fingleton and the Competition Authority on the excellent work done. I am glad Mr. Fingleton is moving on now to investigate the legal profession which richly deserves his attention. We are lucky also to have the services of people such as Dorothea Dowling. Theirs is the kind of incisive intellect needed to look into the uncompetitive practices of this industry. Senator MacSharry more or less gave the impression that it was a perception that people were being ripped off. It is not a perception but the reality and I will focus on some of the striking comments made in this regard in this preliminary report.

There have been huge increases in insurance costs over the past couple of years which are not justified by the internal circumstances of the Irish market. We hear much rubbish about how it is related to the events of 11 September 2001, which are blamed for everything. I do not believe the increases are justified.

When I got my insurance renewal notice last year the insurers appeared to think my house was worth €2 million and that its contents were worth €790,000. I rang the insurers and told the young woman who answered that I would like to know when they wanted to move into the house. She replied that she thought I had a wrong number. I said I thought she had a wrong number, that she seemed to think my house and contents were worth €2.79 million, that I was prepared to move out the following day, taking only my underpants and toothbrush, and she could have the whole thing. I am not mean or grasping and €2.5 million would suit me perfectly.

I ask the Minister to examine the issue of loadings on policies. These exist, I have been told on reliable authority, and there was certainly a blacklist of particular areas of Dublin. This is not acceptable. If we want to get people to move into an area and restore houses, they should not be penalised on account of the area in which they live.

Motor insurance is another area needing examination. I received a huge quote for motor insurance which was related to the horse power of the car and not its value. The quote was huge despite the fact that I was only getting third party fire and theft insurance under the Trinity group scheme. When I checked the market I got a quote €400 cheaper for full comprehensive insurance. This is the sort of thing that happens regularly.