Pádraig O'Sullivan (Cork North Central, Fianna Fail) | Oireachtas source

I am not sure if I will use all of my 13 minutes but I will give it my best shot. I commend the Ministers of State, Deputies Fleming and Troy, for the work they have done. From listening to other Members I understand that the pace of change might be a bit arduous and slow at times but neither Minister of State can be accused of inaction on this. They are to be commended for the action plan on insurance that they undertook. Over 80% of the recommendations contained in that report are implemented at this stage, which is a good start, and I urge for that to be completed as quickly as possible. Many people get frustrated and in my private discussions with the Minister of State over the years I have expressed frustration at the price of motor and house insurance. However, even I have to concede that in the last year in particular premiums have reduced slightly. A survey was done which showed that on average motor insurance premiums are down by 10%, which is even reflected in what I have found in my insurance renewal premiums.

Second, on the actions of the new personal injuries guidelines, claims are down by about 40% according to the Personal Injuries Assessment Board. The awards and general damages for minor injuries are down by about 47% so there is clearly activity there. I concur with other Members that this needs to be passed on by the industry at a greater pace.

Third, I would like to bring up the area of competition. There is a distinct lack of competition in Ireland, not just in banking but also in the insurance sector. That is having a knock-on effect in overall pricing and premiums. I understand that the Minister of State is chairing a committee encouraging new insurance companies into Ireland and he has specifically tasked IDA Ireland with going abroad to try to source new competitors into the market. The Minister of State might be able to give us a couple of words in his summation on how that task is going.

I also mention the upcoming Personal Injuries Resolutions Board Bill 2022 and I know that work on this is ongoing. Deputy Cathal Crowe mentioned a while ago that there are a lot of spurious and dubious claims and we need to have a hard line approach to them and adopt a much more stringent legislative policy towards how we deal with this. I am encouraged to see movement on price walking, or the penalty for customers who have demonstrated their loyalty to insurance companies over the years. I understand that Ireland will be the first country in the European Union to do away with that practice, which is also to be welcomed and hopefully we will see that felt in consumers' pockets sooner rather than later.

Amendments to the Occupiers' Liability Act 1995 and the rebalancing of the duty of care were touched on earlier. This is something that has gone on for an eternity and it is great to see that the Government is active in this sphere. When we say we are rebalancing the duty of care I hope the onus will firmly fall on the trespasser or the person who is utilising somebody else's land rather than the landowners themselves.

I also mention the Insurance (Miscellaneous Provisions) Bill 2022, which we are hoping will enhance transparency around the practice of insurers deducting State supports from insurance claim settlements. This is something that stuck in my craw during the pandemic. At that time we saw that the practice of some insurers was to take advantage of the fact that the State had subsidised businesses during the pandemic, when they needed it most. It was abhorrent to see insurers deduct from the settlements.

That kind of action shows more than anything what one is dealing with in the sector at times. In the middle of a pandemic, it stuck in my craw. I know it irked many other people as well. I welcome work on the Insurance (Miscellaneous Provisions) Bill.

I will mention home and flood insurance. In areas where the OPW has implemented successful schemes, action needs to be taken in terms of the protections we can give to people, many of whom have been flooded on numerous occasions in their lifetimes. With one claim, they are often dismissed from getting a subsequent policy to insure their homes. Even if they are given the right to access house insurance, it is often at exorbitant prices. We need to look firmly at areas where OPW schemes have been delivered. Where it is demonstrable that the OPW scheme might work, we need to be there to help people by reducing home insurance premiums in flood-risk areas.

I thank the Minister of State because a number of weeks ago he met a group of people from the children's entertainment industry with me. For many businesspeople in the sector who operate bouncy castles, play zones for children or whatever the case may be, it is their single greatest expense. There has been difficulty in sourcing reasonable insurance premiums in recent years and many businesses are bundling together to try to get communal policies. That is helping somewhat but it needs to be on the Minister of State's radar in terms of what he tackles next.

On flooding and subsidence, there are issues with outdated maps and historical legacies. These matters need to be reviewed periodically. Flood insurance is often based on areas that might not have flooded in more than 100 years but because they are coloured a specific way on the map, despite having no recent history of flooding, it carries over. Being practical, we need to review that periodically to give people a fair chance of getting reasonable quotes for home insurance.

I commend the Minister of State on the work he has done. Progress is slow up here. We know that, but, in general, the Ministers of State, Deputies Fleming and Troy, have proved to be very active in this and I hope it will be passed on to consumers into the future.

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