Mary Lou McDonald (Dublin Central, Sinn Fein)
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134. To ask the Minister for Finance the actions he can take to assist a not-for-profit organisation (details supplied) to secure insurance for the project. [11522/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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Let me say at the outset that I am very aware of the affordability and availability of insurance cover issues facing not-for-profit organisations, such as the one outlined in the Deputy’s question.  While I have much sympathy for the position such groups find themselves, it is important to note that neither I, nor the Central Bank of Ireland, have any influence over the pricing of insurance products, and neither can we compel any insurer operating in the Irish market to provide cover to community groups or organisations, as this is a commercial matter for insurers.  This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products.

Regarding the organisation in question, I understand from recent media reports that they had insurance with a UK-based insurer that operated in Ireland on a Freedom of Services basis.  This insurer indicated last year that it would withdraw from the Irish market in August 2019, although it would continue to honour existing policies after this date.  In addition, I also understand that there is an open claim against the organisation in question, which could be impacting its ability to obtain insurance cover from an alternative provider.  While I am not in a position to intervene on this matter as Minister for Finance, I would advise the organisation in question to make contact with Insurance Ireland, through their Insurance Information Service.  This Service is for those who have queries, complaints or difficulties in relation to obtaining insurance, and can be accessed via email at feedback@insuranceireland.eu.  

In conclusion, I believe that this case illustrates the continued need for the implementation of the recommendations of the Cost of Insurance Working Group’s two reports, so as to improve both insurance affordability and availability.  Of particular importance is the work of the Personal Injuries Guidelines Committee, which was formally established in April and is due to present its draft guidelines to the Judicial Council by the end of October.  I expect that more consistent award levels for personal injuries will help to reduce the cost of claims, in particular in relation to legal costs, over time as there will be less incentive to litigate, and instead use the Personal Injuries Assessment Board to settle claims. In addition, I stress the need for insurers to recognise the need to reflect any savings that result from a reduction in the cost of claims in lower prices and a broader risk appetite.  In doing so, this should increase the availability of insurance to community and not-for-profit organisations such as the one the Deputy referred to in her question.