Gerry Horkan (Fianna Fail) | Oireachtas source

I formally second Senator Swanick's motion on life-saving equipment and damage to it and thank other Senators for their support for the Bill.

As Vice Chairman of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, I welcome the ongoing investigation into motor insurance. It was announced yesterday that there was an investigation by the Competition and Consumer Protection Commission to examine what is going on in insurance companies. As we all know, anyone with a car has experienced huge increases in motor insurance premiums in the past number of years. While there have been increases of 60% and 70% in the past two to three years for most users, there have been much greater increases for some users, particularly returning emigrants, people in the freight transport industry, younger and older drivers and people driving older cars. I welcome the investigation, though it may turn out that it is not the issue. If that is the case, it will be good to know. If it is the issue, that has very serious implications for the motor insurance industry. We need more competition and greater transparency in the motor insurance sector. Ultimately, we must try to reduce the cost of premiums by reducing the cost and number of claims. Perhaps the Acting Leader may be able to get the new Minister of State with responsibility for motor insurance in the Department of Finance to come to the House to discuss this matter.