Michael Ring
Question:52 Mr. Ring asked the Tánaiste and Minister for Enterprise, Trade and Employment the steps being taken to address the exorbitant insurance costs for young drivers; and if she will make a statement on the matter. [7446/02]
Written Answers. - Insurance Industry.
Richard Bruton
Question:55 Mr. R. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment the reason for the delay in the publication of the Motor Insurance Advisory Body's study of the unfair loadings which are being placed on young drivers and certain other categories of driver by the motor insurance companies; and if she will make a statement on the matter. [7650/02]
Seán Haughey
Question:58 Mr. Haughey asked the Tánaiste and Minister for Enterprise, Trade and Employment the efforts she is making to reduce high motor insurance premiums for young drivers; and if she will make a statement on the matter. [7822/02]
Dick Spring
Question:61 Mr. Spring asked the Tánaiste and Minister for Enterprise, Trade and Employment the steps she proposes to take to ensure that the insurance industry makes every effort to reduce costs which are causing hardship for private and commercial insurers in view of the escalation in costs of motor insurance and consequential increases for transport authorities. [7825/02]
I propose to take Questions Nos. 52, 55, 58 and 61 together.
The pricing and underwriting of insurance is a matter for insurance companies themselves. EU law prevents me from intervening in the pricing or underwriting of insurance.
I am aware that motor insurance premiums for young drivers are high and that premiums generally have increased in 2001 and 2002. Insurers have attributed these increases to the high cost of settling claims in Ireland, the general reduction in investment returns, recent court decisions that necessitate increased claims reserves and costs to reinsurers of the events of 11 September last.
With regard to motor insurance, the Motor Insurance Advisory Board, MIAB, is in the process of completing its work, which included an examination of the cost of motor insurance for young drivers. I expect to receive the final report of the board this month. I will examine the board's recommendations as a matter of urgency when received with the intention of bringing proposals to Government thereafter.
An interdepartmental implementation group is progressing the establishment of the Personal Injuries Assessment Board, PIAB. I am confident that the establishment of the PIAB will achieve a reduction in the delivery cost of personal injury compensation, thus permitting a reduction in insurance costs to consumers.