Written answers

Wednesday, 20 April 2016

Department of Jobs, Enterprise and Innovation

Motor Insurance

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

139. To ask the Minister for Jobs, Enterprise and Innovation if he will list all advice on the issue of motor insurance premiums he has received in the past 18 months; if he will publish these reports; and if he will make a statement on the matter. [7324/16]

Photo of Richard BrutonRichard Bruton (Dublin Bay North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

With the exception of motor insurance which falls under the remit of the Minister for Transport, Tourism and Sport, the Minister for Finance has policy responsibility for insurance. The sector is regulated by the Central Bank. I have no direct policy responsibility for insurance.

The National Competitiveness Council (NCC), established in 1997, is an independent Council which reports to the Taoiseach and Government on key competitiveness issues facing the Irish economy and offers recommendations on policy actions required to enhance Ireland’s competitive position.

In 2015 the National Competitiveness Council (NCC) considered the commercial non-life insurance market in Ireland as part of its Costs of Doing Business in Ireland report. The focus of the NCC’s analysis was on commercial insurance costs as they pertain to business – life assurance and health insurance costs were excluded. The NCC examined the nature of the commercial insurance market in Ireland and provides an overview of the competitiveness of the commercial insurance market in Ireland, compared to European and non-European counterparts.

Overall, it found that, at present, the Irish commercial non-life market is competitive but not particularly attractive to new entrants given relatively low levels of profitability. However, the NCC concluded that the absence of timely micro level price data (apart from CPI inflation data) makes it very difficult to assess market conditions, price competitiveness and the rationale for price increases across various categories of commercial non-life insurance.

The NCC’s analysis on the commercial insurance market set out a range of potential actions which could help facilitate enhanced cost competitiveness in the non-life commercial insurance market. These were set out in its Costs of Doing Business 2015 and Competitiveness Challenge 2015 reports.

Both of these reports were brought by me, as Minister, to Government for consideration. The Reports are available on the NCC’s website at .

Comments

No comments

Log in or join to post a public comment.