Robert Troy (Longford-Westmeath, Fianna Fail)

Let me tell the Deputy what we are working on on a daily basis, not only in my Department but in the Departments of justice and enterprise. Our new plan commits to enhancing transparency in insurance premiums by working with the sector to introduce a transparency code. I have engaged directly with the Central Bank on this matter, meeting the deputy governor. The Central Bank, as the independent regulator, has been tasked with participating as an observer alongside the industry in the development of a code, ensuring that the level of transparency required is fully understood and appropriately framed.

According to the most recent NCID data, 2023 marked the first return to profitability for the insurance market after a number of years of losses. Liability insurance recorded a 13% operating profit in 2023, compared to a long-term average of 2.1%, while motor insurance showed an 8% profit, compared to a long-term average of 5%. Global conditions in 2023 reflected a hard market, with high premiums and reinsurance costs, yet insurance reforms shielded policyholders from the sharper increases seen elsewhere. In 2024, conditions began to soften, with greater competition and some premium reductions emerging. These figures demonstrate the importance of grounding any transparency code in robust, long-term evidence, and not basing it solely on one year's results.

Let us be very clear that I share Deputy Doherty's concern and I do want to see much greater transparency in place. The sector employs 35,000 people in Ireland, and decisions around additional reporting obligations have to be balanced correctly. We must have consumer clarity while avoiding overly burdensome requirements that could undermine the stability and competitiveness of companies.

The effectiveness of an industry-led approach has already been proven. The Insurance Ireland Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors has delivered real improvements and provides the foundation for the programme for Government’s commitment to legislate for the right to be forgotten. This is being advanced through the Central Bank (Amendment) Bill 2025, with Government amendments submitted to the Office of Parliamentary Counsel for review. In addition, the plan mandates faster release of NCID data and deeper sectoral analysis to further strengthen transparency and accountability in the sector.

We will also strengthen the Injuries Resolution Board. We plan to move at pace on legal reform and cost control. We will ensure Ireland remains attractive to insurers. The plan calls for an expanded office to promote competition in the insurance market.

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