Written answers

Tuesday, 13 October 2020

Department of Finance

Cabinet Committees

Photo of Noel GrealishNoel Grealish (Galway West, Independent)
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93. To ask the Minister for Finance if the special Cabinet committee on insurance reform has met to date; the membership of the committee; the brief of the committee; and if he will make a statement on the matter. [29748/20]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I can assure the Deputy that insurance reform is a key policy priority for this Government and is strongly reflected in the Programme for Government (PfG). In this regard following approval by Government a sub-Group of the Cabinet Committee on Economic Recovery and Investment was formed and has already met.

In relation to insurance, there are a number of areas that require reform and this is why making progress on these requires a ‘whole-of-Government’ approach, as recognised in the PfG. The PfG lays out specific commitments that are aimed at addressing consumer and business concerns on the cost of insurance. These include increasing transparency on claims; reviewing duty of care legislation; looking at how to further enhance the role of the Personal Injuries Assessment Board; minimising the scope for questionable claims; and increasing competition in the market.

Implementation of this agenda will be a key issue for myself and Minister of State Fleming as well other members of Cabinet, especially those that will be working on this through the recently established Cabinet Committee on Economic Recovery and Investment’s Sub-Group on Insurance Reform. This Cabinet Committee sub-Group held its inaugural meeting on 30 September and identified a number of key deliverables to be progressed before the end of 2020. The Sub-Group is chaired by the Tánaiste, and also includes as standing members, myself, Ministers McGrath, McEntee, and O’Gorman, together with Ministers of State Troy and Fleming. I believe that this approach provides the best opportunity to address the cost and availability of insurance on a cross-Departmental basis. This will build and expand upon the previous commendable work done by the Cost of Insurance Working Group.

As you will be aware, a number of important reforms have already taken place, and the impact of these is reflected in the recent CSO data which indicate that the cost of private motor insurance is now almost a third cheaper than at its peak in July 2016. The Sub-Group will focus on those reforms needed to ensure that reductions in cost can be extended to other areas of insurance, most notably, Employer and Public Liability insurance, which are among the main concerns for business.

In conclusion, the Deputy can rest assured that insurance reform is a key priority issue for the new Government and that Minister of State Fleming and our officials are working to ensure that progress is made in this policy area.

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