Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 66 and 82 together.

I thank the Deputy for his questions. As has been outlined and is quite clear, insurance reform remains a key priority for this Government and is being delivered via the action plan for insurance reform. As the Deputy is aware, neither the Minister for Finance nor the Central Bank of Ireland can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance, the Solvency II directive.

Nevertheless, this Government is aware that certain groups are currently facing difficulty in terms of the affordability and availability of public liability insurance and has therefore continued to prioritise the delivery of the action plan for insurance reform. Significant progress has been achieved on these reforms, with the bulk of actions now complete. As Deputy Pádraig O'Sullivan outlined, over 95% are complete.

Last year, one of the key asks of both the insurance industry and reform campaigners was put in place, that is, the rebalancing of the duty of care. These amendments to the Occupiers' Liability Act 1995 will deliver major benefits, in particular to public liability cover for businesses, sporting groups and community and voluntary organisations. The policy intent of the legislation was to reduce the number of high-volume, low-cost claims for slips, trips and falls, and frivolous claims proceeding to litigation. In time, cost savings from reduced claims should also help to lower premiums for businesses, particularly those engaged in public-facing and heavy footfall areas where claims associated with slips, trips and falls prevail.

Since assuming my current role a few weeks ago, I have, as I said, been meeting the main insurers in the Irish market. I have also met a number of representative bodies of insurers, as well as the Law Society of Ireland, a representative group of mortgage brokers and various representative groups in the hospitality sector. I had those meetings to set out the Government's expectation that savings arising from this wide-ranging reform agenda will be reflected via reduced premiums, as well as increased availability of cover. I also held a risk round table earlier this month with key stakeholders in relation to hospitality and tourism to discuss what recent insurance reforms mean for such groups, allowing them to educate and empower their members when dealing with insurers. It is important that Government now promotes the reforms to ensure that their full impact can be felt across the board.

I assure the Deputy that seeking to secure a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key policy priority for this Government and for me, as the relevant Minister of State. For my part, I am committed to working with my colleagues in the Government to complete outstanding reforms and monitoring their impact, with a view to achieving an improved insurance environment for all policyholders, including those with public liability cover.

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