Vol. 547 No. 1
109 Mr. P. Carey asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the increases in premiums for renewal of domestic and other insurance; if this applies to all companies trading here; the reason such increases are being charged; and if she will make a statement on the matter. [1808/02]
I am very much aware of the increases in insurance premiums for domestic insurance and generally. The pricing and underwriting of insurance is a matter for individual insurance companies and EU law prevents us from intervening in relation to the matter of premium levels or in respect of what risks they are prepared to underwrite. Insurers make decisions on provision of cover based on their assessment of that particular risk.
The insurance industry has pointed to a number of factors, both domestic and international, to explain these increases. These include 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. While the factors contributing to premium increases are having a general effect, I encourage consumers to obtain quotations from a number of insurers so that they can make a judgment on the best value for their requirements.
