The credit union consumer sentiment survey has shown this week the impact families are under as a result of the cost-of-living pressures. Some of those pressures have been brought on by the Government. Last month, it increased the price of petrol and diesel and it plans to do that twice more after the local elections. Insurance prices are increasing at an alarming rate, while the insurance companies are making bumper profits. In 2019, the then Taoiseach gave insurance companies six months to reduce their costs or else, he said, the Government would take action. Since that time, insurance costs for businesses, sports clubs and community groups did not go down but actually went up by 15%. Motorists are also being ripped off, with premiums increasing every month in the past ten months. The benefits of all the reforms that have been passed have been pocketed by the insurance industry to boost its profits, and I warned the Government of this.

Will the Government now stop opposing my legislation, which is currently before the finance committee, that will hold these companies to account to ensure they pass on their savings to consumers instead of boosting their profits?

The matter of insurance reform is a really important one for the Government and we have been embarking on that further reform. We want to make sure consumers get proper value for money and that cost reductions are passed on to them. That is why the Minister of State, Deputy Richmond, recently met representatives of the insurance sector again and they are to report back to him within two months, because we want cost reductions to be passed on to consumers through premium reductions as well. We have made significant changes in recent years with regard to ensuring savings on claims that are made are passed on to consumers. The Minister of State is engaged directly with Insurance Ireland and the insurance sector and they have two months to report back to him, and I am certain that will be brought to the House and, indeed, the finance committee.