Barry Ward (Fine Gael) | Oireachtas source

Insurance companies and other financial institutions, including our retail banks, occupy a privileged position within our economy. It is a privileged position because they operate within a regulated, profitable and fair environment in this jurisdiction. I am not saying they should not be allowed to make profits but the recent report from the Central Bank shows the contempt in which they hold the operation of their businesses here. They clearly do not have respect for the consumers of this country whom they are supposed to serve. We know that the Houses of the Oireachtas, since the 2004 creation of the Personal Injuries Assessment Board, have bent over backwards to facilitate insurance companies in what they have stated is the problem with the market, that is, the compensation culture and the levels of claims and awards that are being given here. There is undoubtedly some truth to that. However, in recent years, we have seen an increase in premiums and insurance company profits at the same time that the numbers of claims and levels of awards are going down or staying static.

We, in this House, need to put down a marker to say that if insurance companies are not serving the people they purport to insure, we have to step in to do something about it. There are businesses throughout this country that have closed down because ridiculous occupier's liability premiums mean they cannot operate with profitability. Individuals who seek motor insurance, for example, face a situation that has been exposed in this report whereby they are disadvantaged if they seek to shop around the market, as they are constantly advised to do by the Government and public representatives. I have no penalty points, driving convictions or previous claims and yet my insurance premium goes up every year and when I complain, it is easy for the company to knock down the price. It seems to me that there is a practice among insurance companies to continually exploit the people they are supposed to be serving. I am calling for a debate on this subject so that we can put down a marker that shows we will not continue to facilitate insurance companies in this regard.