Bernard Durkan (Kildare North, Fine Gael)
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Question 207: To ask the Minister for Enterprise, Trade and Employment the extent to which public liability insurance costs here compare with others within the Eurozone; and if he will make a statement on the matter. [25774/07]

Micheál Martin (Cork South Central, Fianna Fail)
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When the National Competitiveness Council looked at general insurance in its 2005 Annual Competitiveness report, it found that of the 16 countries benchmarked, Irish expenditure on non-life insurance was the fourth highest. However, the NCC also found that the rate of growth in the cost of insurance has slowed down substantially in recent years. This can be attributed to the series of initiatives the Government has pushed through to reform the insurance sector. The action taken by Government to ensure healthy competition in the insurance sector had already seen benefits for consumers.

Data from the CSO shows motor insurance costs for May 2007 had dropped to levels last seen in May 1997. This data also shows the cost of home insurance in May 2007 has dropped below November 2001 levels. In November 2006, it was the view of IBEC that employers' liability insurance costs do not represent the burden which they once were.

Under the Central Bank Act 2003, supervision of insurance is the responsibility of the Financial Regulator (formerly known as the Irish Financial Services Regulatory Authority). The Financial Regulator has a wide regulatory remit covering consumer protection and prudential supervision of practically all of the financial services industry, including insurance, and the services provided by it. The Financial Regulator comes under the aegis of my colleague the Minister for Finance.