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

I thank the Deputy for his supplementary contribution. As I have laid out, I have met seven of the nine major insurers at this stage. I have also met the representative bodies of the insurance industry, representatives of the Law Society of Ireland and the brokers, as well as representative groups in the hospitality industry, at a round table and in one-on-one meetings. I have another such meeting tomorrow.

The Deputy asked about tangible gains for increased competition. As I mentioned, just last week OUTsurance, a South African insurance company that also has a major presence in Australia, entered the Irish market. It is employing 300 people in Cherrywood in the constituency adjacent to mine. It has initially launched offerings in the motor and home insurance field with a desire, as stated by its CEO in the national press at the weekend and at the launch itself, to move into other areas. It has stated clearly that it wants to compete on price, which will mean lowering premiums and the average cost of premiums around the market. That is something with which we are keen to work. We work through the IDA but also work with the existing insurers to encourage them to move out their risk appetite, and most of them have done so.

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