Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I propose to take Questions Nos. 82 and 123 together. As the Deputy may be aware, in July the Government published the first implementation report of the action plan for insurance reform, which shows that work is progressing well, with 34 of the 66 actions contained therein completed. The sub-group’s focus now is on implementing the outstanding actions on time.

One of the key achievements of the Government’s reform agenda is the new office to promote competition in the insurance market, which I chair. The office is an important element of the Government's ambitious insurance reform programme to help to enhance competition, reduce costs and increase the availability of insurance cover. Accordingly, the office has held meetings with a wide range of stakeholders, including insurance companies, representative bodies, civil society groups and State regulators on the issues surrounding competition. Its aim is to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance.

I met the CEOs of the major insurance providers in Ireland earlier this year and intend to meet them again in the next few weeks to discuss a variety of issues, including expanding their risk appetite. Separately, I am meeting various specialist firms that operate here and that are seeking to expand and provide cover in particular areas of the market. The office is also working closely with IDA Ireland to bring new entrants into the Irish insurance market and to improve its overall competitiveness. This will, in the first instance, seek out providers that offer insurance in areas which have been identified as pinch points in the Irish market where some customers are encountering difficulties in obtaining cover. This is exacerbated by Brexit in some cases.

The Government is committed to securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland. It is my intention to work with my Government colleagues to complete this progress as part of the action plan for insurance.

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