Robert Troy (Longford-Westmeath, Fianna Fail)
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18. To ask the Minister for Finance the measures he will introduce to address the spiralling cost of insurance; the timeframe for implementing same; and if he will make a statement on the matter. [33986/16]

Clare Daly (Dublin Fingal, Independent)
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22. To ask the Minister for Finance the status of the work of the Working Group on the Cost of Insurance; and the timeframe for action to be taken on the spiralling cost of insurance. [34037/16]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 18 and 22 together.

The Cost of Insurance Working Group, which I am chairing, is examining the factors contributing to the increasing cost of insurance. The Working Group brings together all the relevant Departments and Offices involved with the process.  Its objective is to identify immediate and longer term measures which can address increasing costs, while bearing in mind the need to maintain a stable insurance sector.  The initial focus of the Working Group is on rising motor insurance premiums.

The core areas to be examined by the Working Group in this first phase are:

- The motor insurance sector generally, at present and in recent years

- The effects of legal costs and litigation processes on insurance costs

- The current claims compensation arrangements and the cost of claims

- Insurance data and information

- The impact of accident rates

- The impact of unlawful activity on the insurance sector

The Cost of Insurance Working Group has met nine times to date and will continue to meet until the end of the year.

The work is being progressed through four subgroups.  The subgroups have been meeting on a weekly basis since their establishment on 1^stSeptember 2016.

The consultation process is ongoing by both the Working Group and the subgroups.  These stakeholders include: Insurance Ireland, individual insurance companies, the Irish Brokers Association, AA Ireland, the Consumers Association of Ireland, the Law Society, the Bar Council, Irish Road Haulage Association, the Car Rental Council, the National Transport Authority and Tiomanai Tacsai na hEireann.

At the end of October 2016, the Working Group provided the Minister for Finance with an initial set of emerging recommendations.  The Minister has considered these recommendations and I have discussed them with him.  Since then, the Working Group has been working to finalise the Report and developing an action plan to enable the relevant Government Departments and Offices to commence the implementation of agreed priority actions. The report and action plan will detail any legislative or regulatory changes that may be required and will include a detailed timeline for implementation.

From the emerging recommendations presented to the Minister for Finance and the consultations carried out since, it is likely that the report will address nine key areas, with in the region of 40 recommendations in total.