Robert Troy (Longford-Westmeath, Fianna Fail)
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265. To ask the Minister for Finance when the recommendations in the insurance report will have an effect on insurance premiums in 2017. [19952/17]

Michael Noonan (Limerick City, Fine Gael)
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The Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are set out in an Action Plan.

Work is ongoing on the implementation of the recommendations by the relevant Government Departments and Agencies with the 71 action points due to be implemented by the end of 2018 and 45 scheduled for completion by the end of this year.

There is a commitment within the Report that the Working Group will prepare quarterly reports on its progress and my Department will publish the first report on the implementation of the recommendations in the next week or two. This report will provide an update on the progress to date on the overall implementation of the Report, with a particular focus on action points due for completion in the first quarter of 2017. This update will cover actions such as the establishment of the Personal Injuries Commission in January and the issuing of a key aggregated metrics template to insurance undertakings for completion.

There is no simple or single solution to the problem of increasing insurance prices. However, it is envisaged that the implementation of all the recommendations cumulatively, with the appropriate levels of commitment and cooperation from all relevant stakeholders, should achieve the objective of delivering fairer premiums for consumers. This in turn should lead to greater stability in the pricing of motor insurance and help prevent the volatility that we have seen in the market in the past. It should also better facilitate potential new entrants to the market.