Kieran O'Donnell (Fine Gael) | Oireachtas source

I join my colleagues in extending sympathy to the family of Cormac Ó Braonáin, who was chairperson of Labour Youth. I also extend my sympathy to the Labour Party. It is a very difficult when it is somebody so young and particularly in those circumstances.

I wish to raise two matters. The first is about insurance. I note the Central Bank's report yesterday which showed that the insurance companies were making a 9% profit on motor insurance. Representatives of the insurance companies appeared before the finance committee on two occasions, in June and October, and during those hearings I did some primary research that examined companies' turnovers across the insurance sector. The expected margins they needed were 5% or 6% but when I did the calculations I found that five of the six companies were earning profits of almost 10%, on average. They were making super profits. I am glad the Central Bank, which is able to do detailed statistical and empirical analysis, has come up with 9%. My calculations were done on the day and I was amazed at the level of profits they are earning. While we want reform of the insurance sector in terms of reform of the book of quantum and other measures, the insurance companies have a part to play too. They cannot fleece customers. That is why I would like to see motor insurance premiums coming down. Furthermore, the companies need to provide cover across a range of sectors.

The second issue is the current difficulties for Limerick Football Club. It is a proud soccer club in Limerick city and has just emerged from an examinership. I hope ways can be examined by the city, the local authority and Government levels to see if a structure can be put in place to ensure the future of senior soccer in Limerick. That might take many forms. Many clubs have a community based structure that goes back into the heart of a city. We should explore every opportunity. It is critical that senior soccer in Limerick FC continue in Limerick city. It is part and parcel of what we are and it is something on which there must be careful consideration.