Local Fianna Fail TD and deputy Finance spokesperson, Frank O’Rourke, has called on the insurance industry to immediately respond to the latest Central Bank report and reduce their premiums.

“Insurers must immediately cut their motor premiums. The central bank shows that premiums are up 40% since 2009, payouts are down and insurance company profits are up. Average premiums were just over €700, some €265 more than in 2009. Over the same period the cost of claims per policy fell by 2.5pc.”

“This Government has been too slow to react to this insurance crisis. I have repeatedly called on the Government to give this the necessary attention that it deserves. The Government has dragged its feet on this issue and it must act now.”

“We see that the average legal costs make up more than half the amount awarded for injury claims.”

“We have seen how insurance premiums are rising for businesses as well, including crèches, and we need Government action immediately.“

“I do acknowledge that motor insurances have reduced slightly over the last year, but substantially more progress is needed, and in particular the Government needs to act immediately now on foot of this central bank report,” concluded Deputy O’Rourke.