Linda Nelson Murray (Fine Gael) | Oireachtas source

Today's Central Bank report shows that motor insurance premiums increased by 9% in the first half of last year. In fact, since 2022, premiums have risen by approximately €70. That is without the recommendation from the Judicial Council to increase awards by 17%. I will explain to those who might not understand what this is. In Ireland, we have a set of personal injury guidelines that we implemented three and a half years ago. The reason we did this is we were an outlier compared with other countries: our awards were 50% to 100% higher. This meant that insurance companies paid out more and people were more likely to claim for small injuries. We then implemented guidelines that reduced these awards. Think how hard it is to get young people insured and to get insured after a claim. These suggested increases by the Judicial Council cannot be allowed to happen.

I urge all my fellow Senators to convey to the Minister for Justice that we do not want to see the cost of insurance rising. We do not want to see insurance for our cars, business and football clubs rise. I absolutely guarantee that if we allow the personal injury guidelines to go up, that is exactly what will happen. Right now, businesses are faced with a myriad of increased costs. We simply cannot add more fuel to the fire by doing something that will drive premiums up. As it stands, there are still so many groups and businesses that still cannot either get insurance or get insurance at a fair price.I have first-hand experience of the stress of trying to source insurance. I nearly lost my business and 11 employees nearly lost their jobs all because of this. Over recent years, we have witnessed an excellent programme of insurance reform delivered by the previous Government. Before we can even reap the great results of this, we are already planning to raise the level of injury awards. I am calling for the Minister to pause or stop the increase, allow this to be discussed with the Oireachtas committees, to speak to the policyholders and to listen to the Alliance for Insurance Reform. Do not let your local running club, local camogie club, local café, local crèche, local play centre and local festivals suffer because of this.