Joe O'Toole (Independent)

On a morning when men must feel inadequate at working 39 minutes less per day than their female colleagues, at least Senator Regan has shown flexibility and the ability to multitask, something to which we all aspire.

I wish to raise the issue of insurance premia, which tags on to the issue of prices; it is an issue on which the Leader has taken a particular interest and done substantial work. Members will know that I am the vice chairman of the Personal Injuries Assessment Board, which has now been rebranded as the Injuries Board. It is saving the State a significant amount of money every year, perhaps close to €100 million. It has also meant a significant increase in the profits of the insurance industry and insurance companies. For that reason, the idea of listening to some insurance companies purporting to put forward the case for increasing premia is unacceptable. A a time when the economy is on a downturn and there is increasing pressure on business, the cost of insurance is a significant factor.

To respond to a point made by Senator Regan, this is something on which we in these Houses can keep a sharp eye and ensure that the cost of insurance premia go down rather up. I strongly believe there is still an opportunity to reduce premia and that the insurance companies will still be the most profitable insurance companies in Europe. I ask for a debate on the insurance industry that would cover examination of the impact of the cost of insurance premia across personal, motor and business insurance.