The Alliance for Insurance Reform has found that business insurance costs have increased by an average of 15% since the personal injuries guidelines were adopted in April. This is despite the fact that the guidelines resulted in significant reductions in claim costs. Motor insurance costs have dropped only fractionally but, across the board, insurance costs have not reflected the fact that the awards made by the Personal Injuries Assessment Board, PIAB, have fallen by 40% since the new guidelines were introduced. It appears that the guidelines have ensured that the profits for insurance companies have increased rather than the stated objective of the cost of insurance premiums being reduced. In April, my colleague, Deputy Pearse Doherty, introduced legislation that would require insurance companies to report to the Central Bank if and how these savings were being passed on to their customers. It would have applied real pressure to the industry to pass on these savings to their customers. The Government put a stay of nine months on that legislation.

We are over time.

Will the Taoiseach now lift that stay and implement Deputy Doherty's legislation so that we can see these savings being put into the hands and pockets of insurance customers?

The survey by the Alliance for Insurance Reform was published this morning. I understand it shows that the average business insurance renewal price was over 15% despite the new personal injury guidelines. The work of the PIAB demonstrates that the cost of the awards has decreased significantly as a result of the guidelines introduced. The Government continues to have good engagements with the Alliance for Insurance Reform. The Minister of State, Deputy Fleming, has been especially proactive on this front and is bringing forward legislation imminently in respect of the issues that the Deputy has raised. The national claims information database provides the best statistical basis for assessing pricing for employer and public liability insurance. It collects substantial verified data on the cost of employer and public liability insurance across all sectors and policies. In its report, published earlier this year, which covered 2009 to 2019, it showed that 93% of business insurance policies were under €5,000.

We are over time.

We accept that some businesses' premiums are going up. They should be going down in light of the PIAB report.

That is why we need the legislation to be enacted.