According to the latest figures from Insurance Ireland, the insurance industry showed profits of €227 million, or close to a quarter of €1 billion, in 2017. This represented an increase of over 1,000% on the 2016 figure. At a time when customers are being fleeced and gouged by the insurance industry, today's news of huge profits for insurers must mark an end to the Government's kid-glove approach to the industry, which has spun and blustered its way through years of unjustifiable increases in motor and business insurance. It is obvious that there are issues with fraudulent claims and awards.

There is obviously an issue in terms of unjustifiable claims, of which the Minister will be well aware, given some of the antics of Members on the Government benches. These issues have not resulted in massive increases in premiums; they have always been there. The clear issue, as the most recent evidence proves, is that the insurance industry is fleecing its customers. What we need now is what happened in the past, namely a commitment from the insurance industry that any reforms will result in decreases in premiums. We need to stop the kid gloves approach. We need to take this industry on because motorists are being absolutely fleeced, businesses are being put to the pin of their collar and community groups are unable to continue with their activities. Alongside new legislation, including my Bill on the insurance industry - Government support for which I welcome - will the Government secure a commitment from the industry that any reforms that come down the line, whether related to fraud or awards, will automatically result in a decrease in premiums, as was done by the Irish Insurance Federation many years ago?

The House is very much united in desiring that the issue of excessive insurance premiums be addressed. There has been a lot of collective effort in this House to tighten legislation through new data provision legislation in operation since the beginning of the year. An Garda Síochána has strengthened its approach to insurance fraud using its economic unit. The Minister for Justice and Equality, Deputy Flanagan, is guiding legislation through the House, which will enable the Judiciary to have a more objective look at the types of awards that are being made. The Competition and Consumer Protection Commission is examining price signalling, a cause of concern that has been brought to its attention. There is no doubt that there is a desire in this House to see insurance premiums come down to reflect the changes we are making. However, the legal position is that we cannot set premiums. The Government cannot set premiums; nor can the House. Insurance companies take the risks so while I fully sympathise with the suggestion that we need to see changes reflected in premiums, the Government cannot take control over premium setting.

It could do.

It could nationalise the industry.

That is a constraint but the approach of the Government has been to be as aggressive as possible in respect of the insurance industry.