Insurance costs
Deputy Healy-Rae argued that the insurance reforms announced were too slow and insufficient to tackle spiralling premiums for families. The Taoiseach said claims costs were a major factor, praised the Minister of State's work, and said implementation would be prioritised.
Following on from the announcement last week by the Minister of State at the Department of Finance, Deputy Eoghan Murphy, and the publication of his working group's report on the high cost of insurance, I still do not believe that the measures proposed are enough to tackle the issue. We are not doing enough. Some of the proposed measures will not be introduced until the end of this year and that is simply not good enough. Families are being crippled by the astronomical costs being forced on them by insurance companies. I urge the Government and the Minister of State to do more with regard to the speed of implementation in order to help people with this very serious problem. I will give one example to illustrate my point. I know a businessman whose insurance two years ago was €10,000. He has had no claims in the interim but his insurance is now €47,000. That is totally unsustainable and the insurance companies must be brought to book in this regard.
Comment on this
This is an issue that affects everybody in one way or another, whether one is talking about house, business, motor or life insurance.
Claims have risen as well and costs are rising from these claims. The Minister of State, Deputy Murphy, has done an extraordinary amount of work on this, and he is anxious that its implementation is prioritised. He will work with Deputies to see this happens. Clearly it will not happen overnight.