Peadar Tóibín (Meath West, Aontú) | Oireachtas source

I welcome this plan of action being put in place. Many people, however, may feel that there has been much talk about insurance in recent years but not the necessary level of action. They might also think that there is an element of horizon politics at work, because these initiatives are still on the horizon and in the future. If we look at many sectors of the economy, the structure of the market itself has enormous influence on how those sectors function, whether that is in housing, banking, the beef industry or insurance. Those are dysfunctional markets, to a certain extent, in that a small number of players exert enormous influence. Six car insurers have 80% of the market, while eight insurers have about 90% of the market in house insurance. Even if we do not bring in the Competition and Consumer Protection Commission, the structure of that market is not one which a Government should be looking to create. We should be seeking to create a far more diverse market so that there is more competition and there are more opportunities for people. What is going to be done to increase the number of players within the market?

There has also been an EU investigation into the insurance market here, and the Competition and Consumer Protection Commission has carried out an investigation. What plans are there to strengthen the ability of that agency to ensure there is functional competition? Another issue is that there are no caps on claims. I understand the absence of a cap in a catastrophic accident case scenario, because that kind of situation would necessitate some judicial understanding of the needs of individuals before making a decision. For 80% of cases, however, those which are run of the mill, such as soft tissue type of accidents, we should be introducing a cap. Why has that not happened? In February, Deputy Michael McGrath, who is now Minister for Public Expenditure and Reform, said he would be bringing in caps. Why has that not been brought into place in this plan? Perhaps the Minister of State could address those three questions first.