Brian Stanley warns of soaring insurance costs and pension strain

Thanks, and welcome to propose this motion. I have to say, Minister, that there's been a lot of promises regarding improvements in the insurance industry, but it hasn't happened for the customers. Motor insurance is up, business insurance is up, home insurance is up, insurance for community groups and sporting groups is up sky high, and health insurance is out of reach and causing significant problems, particularly for people over 60 years of age. Motor insurance is increasing at the rate of double the EU average, double-digit increases in a single year. In the first six months of 2024, it went up by 9% alone, 9% in just a six-month period. Small businesses tell me the whole time that they're paying astronomical insurance costs. You will know this, Minister, that shopkeepers and people where they have to have public liability has cost them a fortune. In relation to areas where there's flooding, such as Mount Malik, where they haven't yet got the flood release scheme in place, they are simply being refused in a lot of cases. Where flood release schemes have been put in, as the previous Speaker said, that's not being recognised by the insurance companies. Voluntary groups and sports clubs are under enormous pressure, and it's a huge undertaking for volunteer organisations to come up with this cost every year, on top of all the other overheads, such as payments to Irish water and electricity and everything else. But the worst is the private health insurance, and particularly for those over 60 or 65, who have no choice in the current circumstances because of the gaps and weaknesses in our public health system. They have no choice but to take out private insurance. Some are just on a state pension. I've come across people who are just on a state pension, and they're paying the equivalent of paying 2,000 or more a year for their health insurance, for basic cover. That's over 40 euros a week out of their pension of 260 or 270 a week. That's substantial. Some of those people have paid 60 pence in the pound tax back during the 80s. Health insurance companies are introducing not one increase in the year, not one, not two, three. There could be three increases in the year. It's absolutely galloping ahead. And all of this is in a cost of living crisis. And all of this, the worst part of this is being carried by ordinary workers and families, and particularly those on middle and low incomes, you know, who are entitled to very little, but who are paying for everything. Now, when we joined the EU single market, we were told that there would be a lot of reforms, and we would benefit from all of that, but it doesn't seem to have worked out in the insurance industry. We're completely out of sync with the rest of Europe in terms of our motor insurance costs and other and business insurance costs, insurance costs and other insurance. So reforms have happened, and you know, they were welcomed, and I certainly welcomed at the time, but more are required because business as usual is not good enough any longer. It's not an option. Insurance companies are highly profitable because on the one hand, the cost of claims have reduced substantially, but yet the cost of insurance has gone up. So as I said to you, it can't be business as usual. The competition authority, their powers need to be strengthened. Legal fees need to be reduced, it's been promised a number of times, but that hasn't happened. Insurance companies then are not passing on savings. Government must ensure that there is transparent oversight of them. What I would say to you as well is that we need proper oversight of the personal injuries guidelines. We need to ensure that that is properly monitored. So action is now required from this Fianna Fáil and Fianna Gael Government, because we cannot continue with the high costs that we have on small businesses, on householders and on motorists. And I can tell you that in the county of the High Living, County Leish, you know, there's an awful lot of people who are commuting out of it every day. Over 12,000 people commute out of the county every day, Lascais and Corlea. And on top of that, there are people within the county who are living in outlying areas, such as Rathdowney, or Burris Nostri, or Balikmoor, or Emo, or wherever else, who have to travel into work by car, not having any other option. And they're paying astronomical prices. You know, some have been caught, some people have been caught in the last year or two with not having insurance. And for people who are using the car for work, I've come across them where they just weren't able to afford it. So it's a choice between do they drive the car to work without insurance and chance it, and eventually get caught, or do they give up the job. And that's not a good place to be. You know, we have to reduce the cost for people. People who have a good track record of safety on the roads, their costs should be going down in a meaningful way every year. And they're not. And Lyle customers as well, you know, Lyle customers shouldn't be taken for granted. So we need proper reforms. We need those measures that I've just outlined. Legal fees as well need to be reduced. And government need to ensure that these companies are not do what they like here in Ireland. Thank you. Thank you.