Insurance cost reduction
Deputy O'Dea questions what the Government has done to reduce insurance costs, citing high whiplash awards and the effect on premiums. The Minister points to the working group on the issue and says compensation levels are out of line with international comparators, which feeds into premiums.
On a number of occasions, including in the programme for Government, the Government has committed to reduce the cost of insurance. The Minister will be aware of a recent report which indicates that in this country the average payout for whiplash is €20,000, as opposed to under £4,000 in the United Kingdom, which is an absolute disgrace. Does it not guarantee that insurance premiums will remain high and continue to rise?
What precisely has the Government done in fulfilment of that commitment since the programme for Government was published two and a half years ago and what does it intend to do in the future?
Comment on this
I do not have the detail on all of that. I know that my colleague the Minister of State at the Department of Finance, Deputy D'Arcy, has been chairing a working group looking at all of those issues. I am aware that the Personal Injuries Assessment Board recently published that figure, which shows that the level of compensation is significantly out of line with international comparators. In the UK it is in the region of £4,500, if my recollection of headlines in recent newspapers is correct. That feeds into the premiums that make it a challenge for businesses to remain open. I will ask my colleague to communicate with the Deputy directly on the detail of this.