Dáil Éireann Debate, Thursday - 19 January 2017
279. Deputy David Cullinane asked the Minister for Transport, Tourism and Sport if his attention has been drawn to the costs of insuring a wheelchair taxi vehicle (details supplied); and if he will make a statement on the matter. [2290/17]
View answerI am acutely aware that the rising costs of motor insurance for drivers generally are also affecting the taxi industry. There are reports of large increases for existing policy holders and difficulties in obtaining insurance for new operators. The implications of the current insurance difficulties faced by those in the taxi sector are of concern to me and the Government.
These difficulties being experienced by taxi and hackney operators were highlighted by my Department and the National Transport Authority (NTA) to the Working Group established last year, by the Minister for Finance, to review the factors which are influencing the increase in cost of motor insurance. I am advised that the NTA also had a bi-lateral meeting with the Department of Finance to apprise them of the situation pertaining to small public service vehicle (SPSV) licence holders in relation to both the availability and cost of SPSV insurance.
The Minister for Finance, Michael Noonan TD and Minister of State for Financial Services, Eoghan Murphy TD published the Working Group's Report on the Cost of Motor Insurance on 10 January 2017. The Report makes 33 recommendations with 71 associated actions and contains a detailed Action Plan identifying the responsible bodies and the timelines for delivery of the recommendations.
The Report states that while neither the Minister for Finance nor the Central Bank of Ireland can direct insurance companies as to how they price their products, the Working Group believes that the implementation of the Report's recommendations will lead to greater stability in the pricing of motor insurance and will help prevent the volatility that we have seen in the market in the past (both up and down) and should also better facilitate potential new entrants to the market.
My Department, together with the appropriate bodies, will work towards implementing the relevant Recommendations in the Report.
