Vol. 542 No. 5
171 Mr. J. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment the initiatives she is implementing to assist companies (details supplied) which are now faced with their business failing; the help she is giving to road haulage contractors; and if she will make a statement on the matter. [24985/01]
The events in New York on 11 September will lead to greatly increased costs for re-insurers and director insurers in both Europe and the United States. This can be expected to result in higher premiums for all consumers of insurance, both private and commercial. EU law prevents me from intervening in the pricing or underwriting decisions of insurance undertakings. The cost of insurance in Ireland has been the subject of extensive research by our Department. It is clear the high cost of insurance in Ireland is linked to the high cost of claims. The Government has decided to establish a personal injuries assessment board with a view to reducing the costs of delivery of compensation in personal injury cases. I understand that such costs are now running at more than 40% of the cost of claims. An interdepartmental implementation group is considering how the PIAB may be established. It is expected to report at the end of the year.
