The personal injury guidelines have been in effect since April 2021. Despite the sharp reductions in personal injury awards and claims through the High Court, there is growing frustration that the benefits of the reforms are not being passed on in full to customers, businesses, community groups, sporting organisations, etc. The money is being pocketed by the industry. Will the Minister of State introduce measures to ensure transparency and apply pressure to the industry to pass on the savings they are making, euro for euro, to their customers? Will she support the Bill that is before the finance committee?

I thank the Deputy for his question and good wishes. I look forward to working with him. He raises an important point in which every Deputy has an interest.

Government recognises the concerns felt by individuals, businesses and community groups regarding the cost and availability of insurance, and as such, has prioritised the delivery of targeted, multifaceted reform to this key sector. The Government has consistently emphasised its clear expectation that insurers should pass on any savings arising from those reforms through reduced premiums but also - this is important - increase their risk appetite to provide cover to lesser-served, pinch-point sectors. Domestic policy action has been clearly targeted at delivering real and sustainable change benefiting policyholders, but the Deputy is aware that the impacts of the ongoing reform programme will take time to transmit to price levels for a variety of reasons. Those can variously include uncertainty arising from ongoing legal challenges, the inherent complexity of the insurance sector’s operating environment, or even dynamic external developments, which can determine price or supply in a small market such as Ireland.

The insurance industry's response to the Government’s reform agenda continues to be monitored closely. As Minister of State with responsibility for insurance, I will be meeting with the CEOs of the main insurers in the Irish market next month in order to further assess their response to the action plan reforms and to stress the importance of reflecting lower claims through reduced premiums.

There are some positive developments. Central Statistics Office, CSO, consumer price data show that motor insurance prices have fallen by 16.1% since the introduction of the personal injury guidelines in April 2021. This benefits an estimated 2.2 million policyholders and is a notable outcome in the current inflationary environment, with motor insurance being a compulsory requirement and, as such, having been cited as a price barometer by all sides in this House.

I wish the Minister of State well. Most of what she said could have been written by the insurance industry. That is disappointing. We really need to work on this. It does not take much time. Industry profits are already being boosted. Personal injury awards are down by 38% in the book of quantum. It has already happened. The number of cases that went through the courts in the first nine months of last year averaged 223 per month, about one third of the monthly average in 2019. What are going up are profits. Some €176 million was made by the insurance industry, a 13% return, in 2021. They are taking us for fools. Talking about the Minister of State's expectation is not good enough. We need action.

When the British introduced reduced awards, they said companies would have to show how this is passed on, euro for euro. We have produced similar legislation for the Irish sector. It is before the finance committee. I encourage the Minister of State to support that legislation.

I appreciate the importance of what the Deputy is saying and he is correct in his analysis of reduced awards but it takes time for that to be passed on in every respect to policyholders. There are other positive indications that the substantial reform programme is having a marked effect and the market is responding to it. It has been recently reported that new insurance firms are seeking to enter the Irish market, which would help provide more competition. That is an important market dynamic in reducing costs generally for consumers. Providers are also moving into areas that had previously proved problematic and been highlighted many times in this House, such as equestrian activities, childcare, non-standard buildings and inflatable hires, bouncy castles and so on. There is no doubt that issues remain and reform legislation is before this House to rebalance the duty of care, through amendments to the Occupiers' Liability Act 1995. That is an important pinch-point that has to be addressed. There is work to do on that, as the Deputy is aware.

I agree, and I will work with the Minister of State on other legislation, particularly on the duty of care and some other needed reforms. However, we passed legislation. I supported that legislation but not to deepen the pockets of the insurance industry. Awards have been slashed and the numbers going through the courts have dropped dramatically. The profits of the industry have increased. We need to take out the big stick and say the industry has not passed it on. Indeed, businesses are likely to have seen increased costs.

I will take issue with another point. The Minister of State referenced the CSO but that is not a credible source. That is not to cast any aspersion on the CSO but data is available to us on the price of motor insurance. The CSO will show motor insurance decreased by 21% in 2021. That is a basket survey that is done. The national claims information database contains every motor insurance policy issued in the country in that year and shows that it only dropped by 2%. The industry would like to use CSO data but the accurate figure from every policy shows it has only dropped 2%.

There is legislation before the Dáil. I would like to sit down and work with the Department on it.

My attitude to all matters in this House is to sit down and discuss them constructively and I am always available to do that. As Minister of State with responsibility for insurance, I am not here to support or provide excess or extra profits to the industry but to make sure a reform programme is delivered across Government that will increase competitiveness, draw new entrants into the market, where possible, and increase the risk appetite of existing market participants in order to create a more competitive insurance environment for the people of Ireland in motor and home insurance, as well as for business, which the Deputy rightly highlighted and regarding which there is much to do. That is the focus of the reform agenda in the Departments of Finance, Enterprise, Trade and Employment, and Justice with outstanding work to do. The focus is firmly on delivering for the people of Ireland to make sure insurance is available, competitive and reliable at every turn.