Dáil debates

Tuesday, 19 October 2021

Saincheisteanna Tráthúla - Topical Issue Debate

Insurance Industry

10:35 pm

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

I thank the Minister of State. I note he indicated he will be meeting with the major insurance companies in the coming weeks, and I ask that this would take place with immediate effect. I also ask that he would communicate to the Central Bank that, if there are insurers from the UK, other EU jurisdictions or other European jurisdictions outside the EU, they would be fast-tracked in particular with regard to this area of cover.

I want to also make a further request. It is generally felt in the insurance market that matters will stabilise next year. We had Brexit and the pandemic and, as the Minister of State said, we also now have a trend where awards are coming down by 40%. I ask that the main insurance companies in Ireland would look to provide insurance cover, just as a once-off for this period and particularly over the Christmas period when there are family activities such as ice rinks, which are a tradition in all cities. Furthermore, we must ensure that the public insurance bodies, with the local authorities, would also look at this issue.

We are in a particular transition period where many of these insurers have left the market. We need to ensure that anyone who wants to come into the market is fast-tracked without any sort of delay in terms of the Central Bank approving their applications. Second, the Minister of State should ask the main insurance companies to step up to the plate in terms of a goodwill gesture to get over this period and to allow family activities like ice rinks, which are a tradition of Christmas, to proceed.


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