John Cummins (Fine Gael) | Oireachtas source

I thank the Waterford hurling team and management. Although we were not successful in our 61-year wait and endurance, they brought great joy to every person in Waterford.

Yesterday the interim report from the Central Bank on motor and home insurance was released. It found that dual pricing was widespread in the market, which will come as no surprise to anybody. When it comes to motor insurance renewal time, one will ring around alternative insurance providers and, more than likely, get a lower quote that sometimes one's own insurance provider will match.

I want to focus on one group of people, especially in light of the findings that loyalty premiums and price walking were evident, whereby insurance premiums increase incrementally each year for existing customers at renewal time. The consumers in question are those with outstanding claims who are essentially tied to their existing insurer until such time as a claim is settled or goes through the court system. I am one such person. Only two weeks ago, I had an outstanding claim against my insurance company determined in the High Court after nearly six years, which the judge dismissed, just as a Circuit Court judge had done two years ago. I could not fault my insurance company. It defended the claim at significant cost and rightly so. However, as I had an outstanding claim, I was not able to shop around the market as any regular person could. Accordingly, over the past six years, I have been paying higher insurance premiums.

I am not alone in that regard. It is an issue that needs to be addressed as part of the wider reform agenda to which the Government is committed. In light of the fact that the new Office for Insurance Competition will meet for the first time today, which is a welcome step, statements on the insurance sector would be useful in the new year. Will the Deputy Leader arrange a debate whereby Members can feed into the insurance reform agenda our experiences from talking to our constituents, as well as our personal experiences? It is important that any reform in this space has the desired effect of reducing premiums for customers and does not have the reverse effect of increasing premiums for all.