Motor insurance rates
The Minister said rates were competitive and increases reflected rising claims costs; each application is reviewed, but she could not confirm whether a further increase was pending.
asked the Minister for Industry, Commerce and Energy if he is satisfied that motor insurance is available at a competitive rate; if his attention has been drawn to the sharp increase in the cost of such insurance; and if he will have the component parts of the rise in the price reviewed.
Comment on this
I am satisfied that motor insurance is available at present at rates which are competitive. Over the years increases in rates have had to be allowed to compensate for the higher costs of meeting claims for damages under motor insurance policies.
I can assure the Deputy that the component parts of the price rises sought are reviewed when each individual application for permission to increase rates is being examined.
Comment on this
Can the Minister tell the House whether there is any application at present for a further increase in motor insurance?