Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

The work that will be undertaken on insurance costs fits with the programme for Government commitment to a fairer country and a fairer society in Ireland. I know that is what at the core of the Senator's motivation in raising this issue. Certain groups of people are particularly affected by the increase in insurance costs. I can assure the Senator that the working group, which I will chair, will undertake to conclude its work as soon as possible. Following completion of the review, we will consider what recommendations can be implemented immediately and what recommendations are more long-term in terms of implementation. The working group is tasked with examining what drives the cost of insurance, making short-, medium- and long-term recommendations and progressing the issue of dealing with increasing insurance costs, taking account of the requirement for an economically vibrant and financially stable insurance sector. I will bring an interim report to the Minister before the end of this year. The Departments and agencies involved in the group include the Department of Finance and, under its aegis, the Central Bank of Ireland; the Department of Jobs, Enterprise and Innovation and, under its aegis, the Personal Injuries Assessment Board and the Consumer Protection and Competition Commission; the Department of Transport, Tourism and Sport and, under its aegis, the Road Safety Authority; and the Department of Justice and Equality and, under its aegis, the Garda Síochána and the Courts Service. The group will also consult with external stakeholders, including the insurance industry, and those sectors of the economy that are significantly influenced and affected by rising insurance costs. My intention as chairman of the group will be to bring a report to the Minister for Finance before the end of this year.