The credit union consumer sentiment survey has shown this week the impact families are under as a result of the cost-of-living pressures. Some of those pressures have been brought on by the Government. Last month, it increased the price of petrol and diesel and it plans to do that twice more after the local elections. Insurance prices are increasing at an alarming rate, while the insurance companies are making bumper profits. In 2019, the then Taoiseach gave insurance companies six months to reduce their costs or else, he said, the Government would take action. Since that time, insurance costs for businesses, sports clubs and community groups did not go down but actually went up by 15%. Motorists are also being ripped off, with premiums increasing every month in the past ten months. The benefits of all the reforms that have been passed have been pocketed by the insurance industry to boost its profits, and I warned the Government of this.
Will the Government now stop opposing my legislation, which is currently before the finance committee, that will hold these companies to account to ensure they pass on their savings to consumers instead of boosting their profits?
