Vol. 547 No. 3
97 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment if her Department has monitored the rate of insurance premium increases here; if the rate of increase here is higher than in other euro zone states; her plans to address the issue; and if she will make a statement on the matter. [3381/02]
The Department of Enterprise, Trade and Employment monitors the rate of insurance premium increases. In accordance with EU law, we cannot require insurance companies to notify us of premium rates. Accordingly, the Department does not have authoritative statistics on premiums.
However, research conducted for the Department has shown that insurance premiums are high in Ireland compared to other EU countries, including the UK. The Deloitte and Touche report of 1996 found this to be the case but pointed to differences in compensation systems and to high transaction costs of claims in Ireland, particularly both legal costs and the cost of expert witnesses.
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.
