Lynn Boylan (Sinn Fein) | Oireachtas source

The Central Bank motor insurance report clearly shows that while most of us were pulling together during the Covid-19 pandemic, the insurance industry was pulling a fast one by pocketing the vast savings they made. In 2020, traffic fell by 37%, the number of claims fell by 26% and the cost of claims by 20% and yet insurance premiums have only fallen by 7%. I am sure not a single Member of this House has not had personal experience of trying to renew his or her insurance or of being contacted by members of public or small business owners about the cost of insurance in this country. The figures from the Personal Injuries Assessment Board show awards have fallen by 40% since April. Perhaps we could write to the Minister to ask how he will ensure the savings will be passed on through insurance, especially when the cost of living is going through the roof.It will be galling for anybody waking up this morning or anyone who is trying to run a small business to read the Central Bank's insurance report and know the insurance industry made €163 million in profits last year, while many people's insurance premiums have stayed the same or only fallen by a tiny amount. I would like the Minister responsible to outline how we are going to ensure those reductions are passed on, strengthen the Personal Injuries Assessment Board, PIAB, and ban the loyalty penalty for people who chose to stay with the insurance company.