Vol. 550 No. 5
69 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment if her Department has monitored the rise in insurance costs; her plans regarding procedures or measures to combat the problem; and if she will make a statement on the matter. [9657/02]
71 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has satisfied herself that Irish industry remains competitive in the wake of increased costs, such as insurance; and if she will make a statement on the matter. [9659/02]
72 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the impact of increased insurance costs on the transport industry; and if she will make a statement on the matter. [9660/02]
76 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the degree to which she has assessed the impact on industry of increased insurance costs, including public liability; the steps she proposes to take; and if she will make a statement on the matter. [9664/02]
I propose to take Questions Nos. 69, 71, 72 and 76 together.
The pricing and underwriting of insurance is a matter for individual insurance companies. European Union law prevents both me and the Department from intervening on the matter of premium levels or in respect of the risks insurance companies are prepared to underwrite. Insurers make decisions on provision of cover based on their assessment of that particular risk.
While the Department does not receive official information in relation to insurance increases, I am very much aware of the increases that are currently taking place. The insurance industry has pointed to a number of factors, both domestic and international, to explain these increases, including the high cost of settling claims, the general reduction in investment returns, recent court decisions regarding the calculation of compensation losses in personal injury cases and the effects of the 11 September attacks in the United States.
