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

I thank the Deputy. There is a limit on the time available to facilitate me updating him and doing justice to the work I do specifically. On the issue of the timescale, the Deputy is fully aware that we have a wide-ranging plan for insurance reform underpinned by the action plan for insurance reform. This cross-departmental action plan was published in December 2020 with the most recent implementation report, from March 2022, indicating that work is progressing well. The vast majority of actions in the plan have been delivered, while the remainder are still ongoing. Over a two-year period from the time the plan was launched, every aspect of it will be fully implemented and everything Government agencies and Departments can do will be completed in that period.

Given the increasing priority and pace of reform, it is necessary for the industry to pass on the benefits to its consumers. The Minister and I have been clear on these points and have been holding the insurance sector to account on commitments made, in addition to having regular engagement with it.

I have met individually with the CEOs of the eight main insurers in the Irish market, twice since the adoption of the personal injuries guidelines. I am keen to continue my engagement with them and to hear their views on all matters regarding the Irish insurance market, while also ensuring that commitments to pass on cost savings arising from the insurance reform agenda in the form of reduced premiums to their customers are honoured. In this context, I note that motor insurance premiums are approximately 40% lower than they were about six years ago, which must be welcomed. They have decreased by between 12% and 14% since the Government came to office. In these meetings, and in my ongoing engagement with industry, I have consistently stressed the importance of insurers reflecting lower claims costs through reduced premiums and the need for insurers to respect the guidelines by not settling for amounts that are inconsistent with them. They have all assured me personally that they will strictly adhere to them.

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