Seán Kyne (Fine Gael) | Oireachtas source

It is important to put this in the context of the broader package of reforms in the whole area of insurance over a long number of years. It is one of a number of Bills being looked at this year that will address various issues that have arisen since the action plan on insurance was published. It will result in the implementation of the proposed ban on price walking and other measures to address this practice and will enable the Central Bank to collect data on this through the national claims information database.

I commend the Minister of State and, indeed, the previous Government on their reforms on the area of insurance. When we talk about inflation and the year-on-year price increases to May across a range of sectors, we should note that there has been a 10% reduction in car insurance in the same period. This is reflective of the work of the cost of insurance group, which was established in 2016. This work has led to the implementation of legislation, such as the Judicial Council Bill to implement the recommendations of the Personal Injuries Commission regarding award levels, and to the reform of the Personal Injuries Assessment Board. The report on the cost of motor insurance was published in July 2017 and the report on the cost of employer and public liability insurance was published in 2018. The body of work that was done in the years after the establishment of the cost of insurance working group culminated in a final report in October 2020. A number of other pieces or actions have since been completed or are in process as well. A body of work has been done to try to reduce the levels of insurance payouts. That issue was to the fore a number of years ago. This legislation is another follow-on to that as part of the action plan for insurance reform. Other initiatives, including the reform of the role of the Personal Injuries Assessment Board, will be concluded through legislative proposals this year. There are also changes to the Occupiers Liability Act 1995 on waivers and notices to increase protections for consumers and businesses.

The most important message is that this important legislation is part of an array of measures that have been put in place over a long number of years to reform the insurance market, to reduce the levels of payouts and, most importantly, to reduce the levels of premiums for consumers. I commend the Minister of State and wish him well in advancing the other issues within the action plan.