Éamon Ó Cuív (Galway West, Fianna Fail)
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78. To ask the Minister for Finance the rate of increase of public, employers and vehicle insurance premia over the past ten years; the steps that have been taken since the Government was formed last summer to reduce these premia; the effect to date of these actions on insurance premia; the target reduction in premia over the next four years; and if he will make a statement on the matter. [16452/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance, I am responsible for the development of the legal framework governing financial services regulation, including for the insurance sector. As such, my Department does not collect the information being sought. However, in order to help address the question, my officials examined Consumer Price Index (CPI) data for private motor insurance produced by the Central Statistics Office (CSO).

In that regard, the most recent data shows that in the ten year period from February 2011 to February 2021, the price level for private motor insurance has increased overall by 12.7 per cent. However, it is important to note that there was a 65.1 per cent increase from the beginning of this period to July 2016, with a subsequent decline of 31.7 per cent since the July 2016 high point. The Deputy should note that the CSO does not collect price information in relation to employer and public liability insurance for businesses.

I would like to assure the Deputy that insurance reform is a key priority for the Government. A Cabinet Sub-Group for Insurance Reform has been established to help drive the reform agenda. In December, the Government launched the Action Plan for Insurance Reform. This sets out 66 actions to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden on business, community and voluntary organisations. This ambitious plan is heavily front-loaded, with 97 per cent of actions due for completion this year. A number of key actions have already been delivered, including:

- New Personal Injuries Guidelineto replace the Book of Quantum have been published and will be adopted shortly;

- An Office to Promote Competition in the Insurance Market has been established within the Department of Finance;

- A public consultation on enhancing the role of the Personal Injuries Assessment Board (PIAB)has commenced; and,

- New regulations on solicitors’ advertising have been introduced.

While the Action Plan is ambitious, the Government has not set specific targets for reduction in premia. Nonetheless, it is our intention that both the affordability and availability of all insurance types will increase as a result of the implementation of the actions. Data from both the CSO and National Claims Information Database will assist the Government in tracking the progress of the Action Plan and how it is impacting upon insurance costs.

In conclusion, seeking to secure a more sustainable and competitive market through both deepening and widening the supply of insurance in Ireland remains a priority issue for this Government. Minister of State Fleming and I will continue to play a lead role in this policy area.