Dáil debates

Thursday, 22 June 2023

Ceisteanna Eile - Other Questions

Insurance Industry

11:40 am

Photo of Jennifer Carroll MacNeillJennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

On the duty of care legislation, the amendment of Occupiers' Liability Act, as the Deputy is aware, is being led by the Minister for Justice. We hope that it will be passed by the House, should time be available at both Houses, before the summer recess. That is certainly the intention. Overhauling that legislation should help to address the "slips, trips and falls" piece and it is an important piece of the conversation we are having around adventure tourism and the provision for festivals and so on. There is a piece of work to do over the next number of weeks and over the summer. I hope to be able to update the Deputy in a more complete way in the autumn. I hope he might give me the time to do that. The programme of work we are doing has yielded results. We spoke before about the impact of motor insurance and where premiums have been in relation to that. We have the Office to Promote Competition in the Insurance Market, which I chair.

The Deputy is correct to highlight outsurance entering the market towards the end of that year. This is subject to Central Bank of Ireland approval and I understand an application has gone in. Also, Coverys International and Revolut will also provide enhanced competition to the established providers. We also note last week's announcement that Generali Italia, which is the largest Italian insurance group, will be buying Liberty Insurance's operations here. It is a large global insurer. It called Ireland "an attractive market", which is to be welcomed. I hope it will be able to expand here.

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