Denis O'Donovan (Fianna Fail) | Oireachtas source

I have an observation. I agree there should be compulsory insurance cover for professional indemnity. I remember when I returned from England in 1981 that I opened my little practice and was probably one of the first to volunteer for professional indemnity. It cost me £750 at the time and it was a lot of money then. My concern is whether the professional indemnity cover would take into account turnover in cover. I am subject to correction but there seems to be no more than two firms in the State offering professional indemnity insurance. Normally, 95% or 97% of professionally practising solicitors may have to carry the burden for the rogue solicitors or those who are negligent in one way or another. In ensuring that we have professional negligence insurance, is there sufficient competition in the market to guarantee fair play across the board? I have a feeling that we are tending towards a monopoly, with just one or two big players providing insurance and holding the gun to solicitors' heads. That affects the small guy rather than the big guy, who can afford to carry that level of cover. Professional negligence insurance is now probably several thousand euro per year. A person from a firm with six or seven solicitors told me recently that before it starts on 1 January each year, it must set aside €50,000 for professional negligence insurance, despite not having a claim in the past ten years. Perhaps this may be the wrong time to raise the issue but I will say it anyway.