Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Moving away from inflation slightly, I wish to discuss insurance. We are getting many queries on the ground about the lack of availability of insurance cover. This has to do with licences because, to operate in this jurisdiction, a provider must go through the Central Bank. Has the Central Bank received many applications from people to set up as insurance companies? How will that market develop?

Two components arise. First, many service providers for the non-mainstream areas of leisure and so forth have pulled out of the market and have not been replaced, for example, Zavarovalnica Sava. Second, many companies are approaching their annual renewal dates at the end of December, since insurance is normally organised on a calendar year basis. It will probably only be for a certain time but many insurance brokers have told me that they are sometimes finding it difficult to get cover, even for mainstream businesses. This is down to managing risk, Brexit and whether that is a real or illusionary factor, and particular underwriters pulling out of the market. Is the Central Bank engaging with underwriters in the UK? Many underwriters in the Irish market are from the UK.

Mr. Makhlouf might give me his perspective on this issue, which is being raised frequently.