Vol. 570 No. 2
184 Mr. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the result of discussions she has had with the insurance industry with a view to a reduction in insurance costs; and if she will make a statement on the matter. [18845/03]
The pricing and underwriting of insurance is a matter for individual insurance companies and EU law prevents governments from intervening in relation to the matter of premium levels or in respect of what risks they are prepared to underwrite.
Insurers generally make decisions about whether they are prepared to quote for a particular risk, and if so, at what premium level, based on their underwriting experience or assessment of that risk in the market.
I have met with representatives of the industry in relation to insurance matters affecting businesses and consumers. I have made it clear that I consider there to be an onus on the insurance industry to ensure that the reforms will have the effect of significantly reducing the cost of premia to consumers and businesses. There are indications that motor insurance premia are beginning to reduce.
The insurance industry is implementing various recommendations of the Motor Insurance Advisory Board through codes of practice. These recommendations relate to improved equality, transparency and information for consumers and businesses.
Question No. 185 answered with Question No. 110.
Questions Nos. 186 and 187 answered with Question No. 70.
Questions Nos. 188 and 189 answered with Question No. 84.
