asked the Minister for Industry and Commerce whether he is aware that an insurance company operating in this country has in respect of a 150 c.c. motor cycle covered by them for third party risk increased the yearly premium by 100 per cent. on renewal notwithstanding the fact that the insured person qualified this year for a no claim bonus in respect of this machine; and if he will take steps under the Insurance Act, 1936, to restrict the amount of the increase to not more than the 10 per cent. already announced by insurance companies in this country as from March, 1961.
Ceisteanna—Questions. Oral Answers. - Motor Cycle Insurance Premium.
13.
I have no functions in regard to individual cases of the kind referred to by the Deputy.
The increase of 10 per cent. mentioned in the concluding part of the Deputy's question does not apply to insurance premiums for motor cycles.
Is the Minister satisfied that there is not an overall increase on all types of motor cycles and that it is not in individual cases?
Each case of a premium for motor cycle insurance is judged not only by calculating the basic rate but, according to the experience and age of the driver, the conditions under which he drives and his previous accident record. All the premiums are arranged in that way; they are individually declared premiums. In 1957 when the insurance companies were asked to give their reasons for imposing certain types of premiums they informed the Minister for Industry and Commerce that the claims ratio for motor cycles insurance was extremely high. I understand there is no reason to suppose that position has changed since.
Is the Minister aware that, when inquiries were made as to the reason for this 100 per cent. increase in this case, the only information made available to the insurer was that it was the policy of the insurance company to double all insurance premiums for motor cycles? In view of that fact, does the Minister not think that he has authority under the 1936 Act and that it is his duty to protect the insured people from this exploitation?
The Deputy knows that the insurance rates are not under control by the Minister for Industry and Commerce, but if the Deputy has any information which he thinks the Minister for Industry and Commerce should have, over and beyond what he got when he made inquiries into the recent increase in premiums, I am sure the Minister will be glad to have it.