Debate contribution: Insurance Costs: Reductions for Workers, Families and Businesses

Debate contribution by Mr Phillip Brett on 14 May 2024.

MLA

Mr Phillip Brett

Party at the time

Democratic Unionist Party

Date

14 May 2024

Type

Debate contribution

Business

Private Members' Business

Heading

Insurance Costs: Reductions for Workers, Families and Businesses

Assembly identifier

Official Report component 4490402

Read the official Assembly record

Text

I thank Mr Boylan and colleagues for bringing the motion this evening. It is, as others have said, a very important subject. As it was for Mr McCrossan, so it was for me one of the first issues that I raised in a Member's statement, and I instantaneously received an email from the Association of British Insurers asking whether I had any concerns about its activities. I am delighted that all colleagues on the Economy Committee came together to write to the ABI to request that it come to the Economy Committee. Its representatives will be coming tomorrow to set out their stall and try to defend the unacceptable price hikes that have already been inflicted upon the people of Northern Ireland. Kindly, they have sent us 55 pages of a rebuke on why certain things are required, but I am sure that members of all shades will take the opportunity, tomorrow, to highlight to them the clear disparity that exists. I turn now to my constituency — and yours, Madam Principal Deputy Speaker. There is clearly an attempt by the insurers to focus their major price hikes on communities that can least afford it. Working-class communities the length and breadth of North Belfast are being given the largest price rises, be that in home insurance, pet insurance or car insurance. I receive correspondence on a monthly, weekly and daily basis from concerned parents who have this simple choice: do they pay their car insurance or home insurance, or meet their rent or mortgage payments? Those are the simply unacceptable situations that people in our community are being placed in. As Mr McCrossan so eloquently articulated, it is not as if the insurance companies need the additional profit that they are making. I turn now to my role as DUP economy spokesperson. It is clear that businesses across Northern Ireland are being hit by unacceptable rises in insurance renewal prices. On many occasions, those are sent very late in the day, meaning that those businesses have no opportunity to shop around or try to make alternative arrangements. This is at a time when the cost-of-living crisis is already hitting the margins needed to pay their staff. With rates being increased and difficulties being caused by increased costs in the supply chain, this is just another example of how businesses across Northern Ireland are being squeezed. Young drivers who have finally realised their life ambition of passing their driving test are simply unable to receive the insurance that they need. My nephew recently passed his driving test, and his insurance cost three times more than his first Fiat 500, which was 10 years old. It is an unacceptable situation that is repeated in families and households across Northern Ireland. Tomorrow and in the House, it is important that we take every chance that we can to send a clear message to these companies. The activities that they engage in can only be described as profiting on the back of hard-pressed householders across Northern Ireland. Today, the clear and very strong message being sent from all corners of the House is that we will not accept their lame excuses; we will not allow our communities to be exploited; and we will stand together to call on the FCA, which claims to be the regulator, to act. However, if that organisation is doing nothing to regulate the industry, what is the point of it in the first place? Mr Allen, others and I have written on numerous occasions to the industry's regulatory body asking it to conduct an investigation, and it has refused to do so. If others will not take action and put a spotlight on this important issue, I know that Members on all sides of the House will continue to raise it. We are very happy to support the motion. Thank you, Mr Boylan and others for tabling it

I can speak again —

654 words. Text as published by the Northern Ireland Assembly.

Assessment

Not flagged

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Assessed 21 October 2026 at 10:27 UTC by jev-1.13.0 (requested as typesafe/jev) under rubric 2026.10-r9, methodology 1.9.

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