Dáil Éireann Debate, Thursday - 14 February 2019
18. Deputy Niamh Smyth asked the Minister for Finance the measures that have been taken to meet and engage with insurance companies here regarding excessive premiums being charged to consumers, particularly in counties Cavan and Monaghan. [7275/19]
Amharc ar fhreagra43. Deputy Bobby Aylward asked the Minister for Finance the measures taken to meet and engage with insurance companies regarding excessive premiums being charged to consumers, particularly in counties Carlow and Kilkenny; and if he will make a statement on the matter. [7359/19]
Amharc ar fhreagraI propose to take Questions Nos. 18 and 43 together.
As outlined to the Deputy in previous PQs (including PQs 48424, 43997, 40257, 34064, 30683), stakeholder consultation formed the foundation upon which the Reports of the Cost of Insurance Working Group and their recommendations were developed. This consultation process involved a wide range of stakeholders representing the different voices within this sector, including representative bodies, the major individual motor insurance providers and interest groups. The impact of excessive premiums being charged to consumers from all counties across the country was a feature of this engagement process with industry.
In addition, my officials regularly raise specific issues affecting consumers across the country during their ongoing engagement with Insurance Ireland. Furthermore, I understand, Minister of State D'Arcy with responsibility for insurance matters, has met separately with representatives from insurance companies and other stakeholders in relation to a number of issues. The problems resulting from high insurance premiums have been discussed during these engagements.
Quarterly progress updates on the implementation of the Report on the Cost of Motor Insurance and the Report on the Cost of Employer and Public Liability Insurance provide more detailed information on the implementation of each of the recommendations and actions. The seventh quarterly update was published in November and is available on the Department’s website while the eighth quarterly report is currently being prepared.
It should be noted that the Working Group will continue to focus on putting into place the measures proposed in its two Reports. It is envisaged that the full implementation of all the recommendations from both Reports cumulatively, with the appropriate levels of commitment and cooperation from all relevant stakeholders, can achieve the objectives of delivering fairer premiums for consumers and businesses, and a more stable and competitive insurance market.
In this regard, it should be noted that the most recent CSO data (for December 2018) indicates that private motor insurance premiums have decreased by 22.16% since peaking in July 2016. While it is accepted that premiums are still at a high level for many people, such statistics indicate at least a greater degree of stability in the market on an overall basis.
