Vol. 576 No. 5
170 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the extent to which public liability insurance costs have increased or decreased in each of the past five years; the extent to which she has influenced these changes; and if she will make a statement on the matter. [30140/03]
171 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the extent to which motor insurance has increased or decreased in each of the past five years; and if she will make a statement on the matter. [30141/03]
172 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the extent to which she has monitored insurance costs; if reductions have been achieved; if so, the extent to which; and if she will make a statement on the matter. [30142/03]
I propose to take Questions Nos. 170, 171 and 172 together.
I am not in a position to provide the Deputy with information on public liability insurance costs. The CSO publishes monthly indices of costs for motor insurance. These statistics show there was an increase of 37.6 index points, or 54.4%, in motor insurance between October 1998 and October 2002. I am pleased to report that there was a reduction of 8.4 index points, or 7.9%, in motor insurance between October 2002 and October 2003.
On 1 May 2003, the Irish Financial Services Regulatory Authority, IFSRA, came into operation. It has a wide regulatory remit, covering consumer protection and prudential supervision of practically all of the financial services, including insurance, and the services provided by it. One of the recommendations in the report of the motor insurance advisory board relates to gathering of statistics on motor insurance and claims costs by IFSRA.
The annual insurance report contains information on aggregate insurance premiums paid to insurance companies in respect of various classes of business. Responsibility for publishing this report has transferred from my Department to IFSRA.
