James Browne (Wexford, Fianna Fail)
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17. To ask the Minister for Finance the steps he plans to take to tackle high insurance premiums here; and if he will make a statement on the matter. [16105/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to note that I am very much aware of the problems faced by many consumers, businesses, community and voluntary organisations in relation to the cost and availability of insurance. This Government will prioritise reform of the insurance sector with particular emphasis on motor, public liability, and employer liability insurance. This is recognised in the Programme for Government’s cross-Departmental insurance reform agenda, which I believe builds and expands upon previous work done by the Cost of Insurance Working Group.

By way of further information, the Programme for Government lays out commitments that are aimed at addressing consumer and business concerns on the cost of insurance; increasing transparency; addressing legal reforms in certain areas of civil law; addressing fraud; enhancing and reforming the role of the Personal Injuries Assessment Board, and increasing competition.

In terms of reform, a necessary step is to bring the levels of personal injury damages awarded in this country more in line with those awarded in other jurisdictions. The establishment of the Judicial Council in December is very important in this regard, and it is expected that the Personal Injuries Guidelines Committee will submit draft Guidelines to the Judicial Council by 28 October. These guidelines have a role to play in the lowering of award levels and ensuring a more consistent application of making awards in courts.

However, it is also important to recognise that there is no single policy or legislative to remedy the cost and availability of insurance issue. There are also many constraints faced by the Government in trying to address it, in particular the fact that it cannot direct the courts as to the award levels that should be applied, or direct insurance companies as to their pricing levels.

In conclusion, I wish to emphasise that insurance reform remains a priority for the Government and as noted above this is reflected in the Programme for Government. This is an issue I, as Minister for Finance, along with my Departmental colleague, Minister of State Chambers, are already focusing on. In doing so we will be cooperating with our Ministerial colleagues that will be participating in the Cabinet Committee on Economic Recovery and Investment in terms of prioritising the commitments on insurance reform.