Robert Troy (Longford-Westmeath, Fianna Fail)

I thank Deputy McCormack for raising this issue. Insurance reform, including increasing the affordability and accessibility of insurance, remains a key priority for the Government as outlined in the programme for Government. Many reforms have been introduced, yet it is regrettable that the level of savings and the supply of cover for consumers and businesses has been subsequently eroded due to the rise of international inflation and consequential damage costs.

A key focus for me in my role as Minister of State with special responsibility in this area is the development of a new action plan for insurance reform. The new action plan will build on the significant achievements of the 2020 action plan, including reforms to the duty of care, enhancements to the Injuries Resolution Board and the implementation of new personal injuries guidelines. These reforms have contributed to a more stable and competitive insurance market, helping to attract new providers such as OUTsurance Ireland, Revolut and Fastnet Underwriting.

As part of the development of this action plan, I launched a wide-ranging public consultation that received over 70 detailed submissions from a broad spectrum of stakeholders. The action plan will advance reform under six key themes: transparency and affordability, competitiveness and availability, legal reform, fraud, climate protection, and innovation and skills. There are also a number of priority actions focused on areas where the greatest impact on cost and availability can be achieved.

The Government has shown its firm commitment to insurance reform by re-establishing the subgroup on insurance reform within the Cabinet committee on the economy, trade and competitiveness, chaired by the Tánaiste. The subgroup will meet on a regular basis to drive this action plan forward, taking a whole-of-government approach. I am pleased to say that the Cabinet subgroup’s first meeting on 9 July considered the draft action plan and it is the intention that the final action plan will be agreed at Government level. After that, I would expect to be in a position to publish the new plan.

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