Bernard Durkan (Kildare North, Fine Gael)
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103. To ask the Minister for Finance when the benefits of the review of the motor insurance sector will accrue in terms of reduced premiums; and if he will make a statement on the matter. [45070/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As you will be aware, the Cost of Insurance Working Group – which is now chaired by Minister of State Mr. Michael D'Arcy T.D. – published its Report on the Cost of Motor Insurance on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, set out in an action plan within the Report.

Work is ongoing on the implementation of the recommendations by the relevant Government Departments and Agencies and there is a commitment within the Report that the Working Group will prepare quarterly updates on its progress. The third such update was published on the Department’s website on 23 October 2017 and shows the progress to date on the overall implementation of the recommendations. In total, 32 actions were due for completion in the first three quarters of the year and 29 of those actions have been completed. Updates on the state of play of the three outstanding actions are provided in the third progress report. It should be also noted that substantial work has also been undertaken in respect of the nine action points categorised as "ongoing".

I believe that the continued implementation of the Report on the Cost of Motor Insurance will make a difference to the pricing of insurance premiums over the next 12-18 months. It is envisaged that the implementation of all the recommendations cumulatively, with the appropriate levels of commitment and cooperation from all relevant stakeholders, will achieve the objective of delivering fairer premiums for consumers.

In this regard, it should be noted that the most recent CSO data (for September) indicates that private motor insurance premiums have reduced by 14.3% year-on-year. While the CSO statistics indicate a greater degree of stability on an overall basis, these figures represent a broad average and therefore there are many people who may still be seeing increases. However, I am hopeful that this greater stability in pricing will be maintained with the result that premiums should continue to fall from the very high levels of last year.