Ruairi Ó Murchú (Louth, Sinn Fein)
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63. To ask the Minister for Finance if he will provide an update on the work of the Office to Promote Competition in the Insurance Market; and if he will make a statement on the matter. [10256/23]

Ruairi Ó Murchú (Louth, Sinn Fein)
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I would appreciate it if the Minister could provide an update on the work of the Office to Promote Competition in the Insurance Market. I am talking specifically about the difficulties that exist as regards public liability insurance. There are a large number of community organisations - community centres - that either cannot get insurance or are offered ridiculous premiums. We know what has happened as regards personal injury guidelines. There is more to be done from a legislative point of view on duty of care, etc. We need a timeline on that. I accept that is a matter for the Minister for Justice but we need to see movement. The problem is we do not have enough companies in this space. What is being done?

Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael)
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I thank the Deputy the question. He is right to highlight the Office to Promote Competition in the Insurance Market established as a consequence of the action plan on insurance reform overseen by the Cabinet sub-group on insurance reform. The latest implementation report demonstrates that significant progress has been made, with 90% of the actions contained in the action plan now being delivered or initiated. I will revert to the Deputy on the duty of care point.

The Deputy will be aware that the Office to Promote Competition in the Insurance Market is a programme for Government commitment. Its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance.

As the Minister of State with special responsibility, in my meetings with the CEOs of the main insurers, I am pressing this point around risk appetite and what they might take on in future.

Since its establishment, the Office to Promote Competition in the Insurance Market has held more than 100 meetings with a range of stakeholders, including insurance companies and representative organisations. As part of this, the office is working closely with IDA Ireland to help leverage the ongoing insurance reforms, with the objective of targeting new entrants to the Irish market or persuading incumbents to expand their risk appetite or both. This will, in the first instance, target providers who offer insurance in areas that have been identified as pinch points, as the Deputy correctly highlighted, such as high footfall and activity sectors experiencing difficulty in obtaining public liability insurance. Due to the progress in delivering the Government's reform agenda, the IDA now has a positive message to communicate and there have been encouraging developments, with insurance companies either seeking to establish in Ireland or to expand product lines already available to Irish consumers. This is a space that we will continue to monitor closely.

Upcoming developments, such as the reform of the duty of care, which I might revert to in a supplementary response, will further enhance this by addressing the question of slips, trips and falls, which is particularly prevalent in high-risk public-facing sectors.

Additional information not given on the floor of the House

I wish to assure the House of my intention to work with my Government colleagues to ensure further implementation of the action plan, which, in tandem with the work of the Office to Promote Competition in the Insurance Market, should have a positive impact on the affordability and availability of insurance for all consumers.

Ruairi Ó Murchú (Louth, Sinn Fein)
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I thank the Minister of State. In fairness, we are in a better place than we were, although I could argue that we should have reached here earlier.

We could all point to examples. There is a community centre in my constituency that was being charged €11,000. A claim could be made against three organisations – the community centre, a company and a community organisation - and each of them would see an increased premium. Turning to specific sectors, a significant number of bouncy castle companies are operating in the black but, despite engaging with the best of intentions, were not able to get insurance. This difficulty needs to be rectified.

The reform of duty of care needs to happen. Will the Minister of State say something more about the encouraging conversations that are happening? I am delighted that the IDA has a positive message, but we need to see positive results and more people in the industry.

Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael)
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I tend to agree, but we also need insurers from different countries that are interested in moving into a market such as Ireland's. That is not necessarily a given, as it remains a small market with a number of insurers. It is not simply the case that, because we have a positive message, people are necessarily going to want to change their business model in order to operate in this market. We must reflect that.

In the course of conversations I have had, there are clear signs that the market is responding to the insurance reform agenda, with insurance solutions now more readily, albeit not completely, available in difficult areas such as equestrian activities, inflatable hire, non-standard buildings and childcare. There remains more to do, though.

The Office to Promote Competition in the Insurance Market has met an international insurance company that recently established a base in Dublin seeking to offer an expanded suite of professional indemnity insurance products. In conjunction with the IDA, it is also engaging with another global underwriter that may be seeking to enter the Irish market. The office will continue to build on those networks and partnerships to encourage competition in the market. It is a core part of my work, and I assure the Deputy that I raise it at every opportunity.

Ruairi Ó Murchú (Louth, Sinn Fein)
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We just need to see more, better, faster, quicker. The onus is on the Government to ensure that the conditions are as good as they can be-----

Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael)
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Correct.

Ruairi Ó Murchú (Louth, Sinn Fein)
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-----for more insurers to enter the industry. Be they community organisations, businesses or community centres, a large number of people have been under significant pressure for a considerable amount of time. Because of GoFundMe, the generosity of people and the fact that part of this happened before we entered the cost-of-living crisis, some of them were able to get through the gap.

There is an unfairness to this. We must ensure that the reform of the duty of care and other legislative measures are put in place. We must then ensure that we can get players in the market who can deliver decent products. I might speak with the Minister of State later about facilitating particular groups to block buy and benefit in that way.

Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael)
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I agree with the Deputy. He is aware that some of that is already happening. One of the questions I am asking is the extent to which more of that can be done and in what circumstances.

I will update the House on the duty of care legislation. The Deputy is right about it being a matter for the Department of Justice, but it is my understanding that the legislation will be enacted before the summer. It is a significant part of the action plan on insurance reform because it sets out the culture of what can be expected of insurance in this jurisdiction. It also sets out what we are trying to do with PIAB. It must be acknowledged that awards in Ireland, particularly for soft tissue and minor injuries, were so large. A cultural change in this regard is important.

The Deputy is right, in that it is the Government's responsibility to create the correct environment. The Government cannot create jobs but it can create the environment to create jobs. However, we are still a small market and it is not the case that we are attractive to every insurance company operating in other jurisdictions. We must recognise that part of the dynamic, too.