The Minster for Finance has told a Kerry TD it’s not possible to interfere in the pricing of car insurance premiums.
Minster Paschal Donohoe was replying to a Dáil question from Independent TD Danny Healy-Rae, who asked if the minister was aware car insurance costs are making it almost impossible for young drivers to get cover when starting out on their own.
Deputy Danny Healy-Rae asked the Minister for Finance why motor insurance costs are still rising.
In response, Minister Paschal Donohoe says neither he nor the Central Bank can interfere in the provision or pricing of insurance products.
He adds these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.
Minister Donohoe also rejected Danny Healy-Rae’s claim that insurance costs are still rising; he claims the most recent CSO data indicates that private motor insurance premiums have decreased by 21.5% since peaking in July 2016.