Noel Rock (Dublin North West, Fine Gael)
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162. To ask the Minister for Finance the status of plans to tackle the issue of high rates of car insurance; and if he will make a statement on the matter. [42226/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware, the Cost of Insurance Working Group undertook an examination of the factors contributing to the cost of motor insurance to identify what short, medium and long-term measures could be introduced to help reduce the cost of insurance for motorists and businesses.

The initial focus of the Working Group was the issue of rising motor insurance premiums and the Report on the Cost of Motor Insurance was published in January 2017, containing 33 recommendations with 71 associated actions. The Report contains an Action Plan, setting out the agreed timelines for implementation, and also a commitment that the Working Group will prepare quarterly updates on its progress. The Working Group has published six such updates to date, most recently on 30 August. It shows that, in total, of the 56 separate applicable deadlines within the Action Plan set to the end of Q2 2018, 44 relate to actions which have now been completed. Substantial work has also been undertaken in respect of the nine action points categorised as “ongoing”. Officials in the Department of Finance are now working to collate the progress updates for the Seventh Progress Update Report and it is expected that this work will be finalised in the coming weeks.

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 objectives of delivering fairer premiums for consumers and a more stable and competitive insurance market.

In this regard, it should be noted that the most recent CSO data (for September 2018) indicates that private motor insurance premiums have decreased by almost 22% since peaking in July 2016. I appreciate that these figures represent a broad average however we have to recognise that these are the same figures that showed the large increase that many commentators regularly reference. Therefore, I think it has to be recognised that the overall trend currently is downward, which is to be welcomed.