Written answers

Wednesday, 24 May 2017

Photo of Noel GrealishNoel Grealish (Galway West, Independent)
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97. To ask the Minister for Finance the intended composition of the forum for consumer and business interests in respect of motor insurance under action point nine in the report on the cost of motor insurance in tabular form; if a group (details supplied) will be the sole representative of the insurance business or if it is his plan to specifically include brokers as a key part of the insurance sector on the consumer side; and if he will make a statement on the matter. [24841/17]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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In fulfilment of Recommendation 9 in the Action Plan of the Report on the Cost of Motor Insurance, Insurance Ireland set up the consumer and business forum in March and invited relevant stakeholders to the first of its biannual meetings. 

This meeting, which was opened by the Minister of State, Eoghan Murphy T.D., took place on May 16 and was attended by representatives from:

Insurance Ireland
Department of Finance
Central Bank of Ireland
Financial Services Ombudsman
Competition and Consumer Protection Commission
Consumers’ Association of Ireland

The Report recommends that the forum is “industry-led” and consequently  this explains why  Insurance Ireland as  the main representative body for insurance providers - with 95% of those companies operating within the country being members-  were tasked with organising it. 

The first meeting concentrated on the motor insurance sector but it is intended to broaden the scope of the forum, both in terms of the types of insurance to be discussed and the range of participants therein.  In this regard, consideration will be given to inviting representation from insurance brokers such as, for example, the Irish Brokers Association, who were consulted with by the Cost of Insurance Working Group in the course of producing the Report on the Cost of Motor Insurance.

It is believed that putting in place a structured approach for ongoing engagement between the insurance industry and relevant stakeholders will improve the quantity and quality of communication between providers and consumers, producing a deeper understanding of the pertinent sectorial issues on both sides.

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