Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I thank the Deputy for raising this question and for his advocacy in this area over many years. We all have a similar objective, which is to ensure that we have fair insurance premiums for the citizens of the country.

I recognise the concerns felt by many households, community organisations and small businesses across the country about the cost and availability of insurance cover. As the Deputy is aware, neither the Minister for Finance nor the Central Bank of Ireland can intervene in insurance pricing or provision under the EU's Solvency II directive. Notwithstanding this, the programme for Government, Securing Ireland's Future, commits to a range of insurance sector reforms. The publication of a new action plan on insurance reform is a programme for Government commitment. Work is already under way to develop an action plan that will enhance affordability, transparency and competition. This will build on the progress made under the 2020 action plan, which delivered key reforms such as rebalancing the duty of care, reforming the Injuries Resolution Board and introducing new personal injury guidelines. These changes have contributed to a more sustainable market, attracting new competitors like OUTsurance Ireland, Revolut and Fastnet Underwriting and the expansion of coverage to new sectors, including hospitality, SMEs, sports and leisure activities.

Since its establishment in 2020, the Office to Promote Competition in the Insurance Market which I will now chair as part of my ministerial duties, has supported the expansion of insurer risk appetite, creating a more competitive insurance sector. In particular, it helped secure insurance availability in challenging areas such as equestrian activities, the hiring of inflatables and childcare by connecting affected groups with relevant stakeholders.

Since taking up my role, I have commenced a process of engagement with key stakeholders, including Insurance Ireland and major insurers, to ensure reform-driven savings lead to lower premiums and broader coverage.

Transparency in the insurance market remains a key policy focus. The Government's reform agenda also commits to facilitating faster data release from the National Claims Information Database for private motor, employers' liability, public liability and commercial property insurance to enhance market transparency. In this regard, officials will engage with the Central Bank of Ireland to see how to achieve this aim.

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