Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

The working group on the cost of insurance, having published a report on the cost of motor insurance in January, has now commenced the second phase of its work, which involves addressing the cost of insurance for businesses, specifically employer liability and public liability insurance. As Minister of State at the Department of Finance, I chair the working group, which comprises representatives from the Departments of Finance, Jobs, Enterprise and Innovation and Justice and Equality, as well as the Central Bank of Ireland, the State Claims Agency and the Personal Injuries Assessment Board. The working group intends to build on the work done in the previous phase as it relates to public liability and employer liability claims. It will examine personal injury data and information, the effect of legal costs and litigation processes on insurance costs, current claims compensation arrangements and the cost of claims, and the impact of unlawful activity on the insurance sector. The working group is considering the impact of the cost of insurance on the competitiveness of particular businesses, the impact of health and safety issues on the cost of insurance and other related market issues it identifies.

The working group held its first meeting on 26 January 2017 and met five times so far this year. During this time, it has held extensive consultations with a range of stakeholders, including the Irish Business and Employers Confederation, the Irish Small and Medium Enterprises Association, the Vintners Federation of Ireland, the Licensed Vintners Association, the Retail Grocery Dairy and Allied Trades Association, the Hotels Federation of Ireland and Chambers Ireland. Further consultations are planned. Submissions have been invited from interested parties. Like it did during the first phase of its work, the working group will make recommendations based on its consultations and research. Lead owners will be tasked with the execution of the actions required to implement those recommendations. It is anticipated at this stage that the second phase recommendations will take the form of an addendum to the existing report, as many of them will build on the recommendations in the report on the cost of motor insurance.

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