The Junior Finance Minister Michael D'Arcy has denied he has been "asleep at the wheel" when it comes to the current insurance crisis.
It comes after a Central Bank report found that the cost of premiums rose 42% over the last decade.
That is despite a 2.5% reduction in the average cost of claims over the same period.
Minister Michael D'Arcy, who is responsible for the insurance sector, said we need more companies to come into the Irish market.
Mr D'Arcy said: "The insurance sector in Ireland is small, we need more competition to come in here.
"The companies who are saying they are not profitable enough, that is clearly not the case, the insurance companies are very profitable, 9% profit is very handsome.
"What I want insurance companies to do is to reduce their premiums, treat their customers better, treat their clients better."