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

I take this opportunity to wish the Minister, Deputy Chambers, all the best in his new role. So far he has proven to be a very understanding and kind boss and I hope that continues for the next few months of the Government.

I thank Deputy Doherty for the question. Insurance reform remains a key priority for the Government and the reform agenda has been set out via the action plan for insurance reform. As per the most recent action plan implementation report, published earlier this year, the vast bulk of the actions it contains are now either delivered or initiated. The importance the Government places on this issue is evidenced by the fact that implementation is overseen by a Cabinet committee sub-group on insurance reform chaired by the Tánaiste. Nevertheless, the Government is aware that certain groups continue to face difficulty in terms of affordability and availability of certain insurance lines. Accordingly, we continue to prioritise the delivery of the action plan, which will bring benefits to individuals, businesses and households alike.

Since assuming my current role, I have been in the process of meeting with all the main insurers in the Irish market, as well as a representative body of insurance, the Law Society, Brokers Ireland, business representative groups, those representative groups that speak on insurance reform more generally and consumer groups to discuss the key issue and to set out with most of them the Government’s quite clear expectation that savings arising from this whole-of-government reform agenda will be reflected via reduced premiums as well as increased availability of cover.

Many international insurers have noted the pace and scale of our reforms to date and point to Ireland as a positive example of Government action in this sector. We have recently seen a number of new entrants to the market with existing providers also expanding their risk appetite to underserved areas, with various sector representative reporting reductions in the rate being charged for liability cover. This question is specifically on the Bill proposed by Deputy Doherty and if it is agreeable I will answer that in a supplementary response.

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