In accordance with EU law, we cannot require motor insurance companies to notify us of premium rates. Accordingly, our Department does not have authoritative statistics on average premiums. However, the Motor Insurance Advisory Board is examining the factors that influence the cost of motor insurance and in particular, the relationship between the premiums being levied to different categories of drivers, including young drivers, and the claims experience of those categories.
I will urgently examine the board's recommendations when received, within the overall context of what is legally and practically possible.
While I cannot comment on all figures on performance published by insurance companies, investment income must be included in both financial reports made under company law and in the returns to our insurance division that form the basis for the insurance annual report.
It is intended that the establishment of the personal injuries assessment board, PIAB, will achieve a reduction in the delivery costs of personal injury compensation, thus permitting a reduction in insurance costs to consumers.
