The soaring cost of home and car insurance is a critical issue that is having a significant impact on families in West Tyrone and across Northern Ireland. I am sure that many Members have heard from outraged constituents, particularly those who have not made a previous claim but whose insurance is going through the roof. Recent reports have shown a disturbing trend of insurance premiums skyrocketing, placing an immense financial burden on many households. Many families struggle to comprehend the substantial increases that they face in their insurance costs. Some have seen their premiums rise by hundreds of pounds compared with the previous year. The cost-of-living crisis and inflation are already squeezing wallets, and such exorbitant insurance hikes only add to the financial strain experienced by ordinary people in our constituencies. In my role as an advocate for West Tyrone, I have witnessed at first hand the distress and frustration of individuals who are grappling with such unjustifiable cost escalations.

While energy companies and corporations enjoy significant profits, the ordinary citizens whom we represent bear the brunt of the escalating costs of insurance premiums, heating bills and groceries. It is imperative that the Economy Minister, the Finance Minister and the Executive intervene to ensure that insurance customers are not unfairly exploited. I urge those who face difficulties in meeting escalating insurance costs to be informed about their rights and to explore the options to secure the best possible deal. It is crucial to remember that insurance companies are bound by regulations that prevent them from charging existing customers more than new ones. There are also provisions in place to assist those who are struggling to cope with the financial burden of insurance costs.

The stark reality is that the rising costs, particularly of car and home insurance, are outpacing the average inflation rate in the UK. The motor insurance annual inflation rate has soared to 43·1%. That is shocking exploitation. It is evident that urgent action is needed to address the disparity. I will read some figures: AIG paid out its highest dividend since 2007 this year; Allianz's operating profit jumped by 5·7% to €14·2 billion; Aviva made £715 million, up 8% on the previous year; AXA was up 23%; NFU Mutual made £220 million in profit; QBE made $475 million; RSA made £55 million; and Zurich made £1·76 billion on the backs of ordinary people. Those companies are raising our insurance costs and making huge profits, and they cannot explain it. The only response that I have had from them, which is shocking, is that their costs have increased. They cannot explain or justify it. We must ensure that the consumer is protected and that those costs are questioned. We have a responsibility to do so.