Jennifer Whitmore (Wicklow, Social Democrats)
Link to this: Individually | In context | Oireachtas source

259. To ask the Minister for Finance the measures he is putting in place to increase competition within the insurance sector in Ireland in view of the recent report which found rising public liability insurance premiums despite a drop in the value of awards; and if he will make a statement on the matter. [52210/21]

Jennifer Whitmore (Wicklow, Social Democrats)
Link to this: Individually | In context | Oireachtas source

260. To ask the Minister for Finance the efforts he is carrying out to support businesses experiencing an increase in public liability insurance premiums despite a recent report outlining a drop in the value of awards; and if he will make a statement on the matter. [52211/21]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 259 and 260 together.

This Government recognises the importance of a stable, well-functioning and competitive insurance industry. Accordingly, the Action Plan for Insurance Reform sets out 66 actions across a number of policy areas which is aimed at reducing volatility in the market, removing barriers to entry and making Ireland a more attractive operating environment for insurance companies. The first Action Plan Implementation Report, published in July, showed that work is progressing well, with 34 of the 66 actions completed.

A key achievement of the Government’s reform agenda is the establishment of the Office to Promote Competition in the Insurance Market, chaired by the Minister of State, Deputy Fleming. The office has held meetings with a wide range of bodies under the four main pillars of the office work plan: Promotion, Transparency, Engagement and Innovation. These are targeted to promote greater market transparency, champion the provision of consumer information, and encourage greater competition in the insurance market, including through the application of new technologies, where appropriate. The Minister of State, Deputy Fleming also met with CEOs of the major insurance providers in Ireland earlier this year. He will meet with them again over the coming months to discuss a variety of issues, with particular emphasis on the need to address customer concerns regarding cost and availability of insurance.

Furthermore, the Department is also working closely with IDA Ireland to target firms to enter the Irish market and explain the ongoing reforms to the insurance environment here, with the aim of increasing competition. We will continue to meet with any potential new providers to strongly make the case to enter the market or indeed expand their operations here. In addition, Department is collaborating with the Central Bank to create an insurance databank, which will assist new providers seeking to enter the Irish insurance market. This Programme for Government commitment was also recommended by the Competition and Consumer Protection Commission in its 2020 Public Liability Market report. This databank is complimented by the National Claims Information Databases (NCID) reports on motor and employers' liability (EL), public liability (PL) and commercial property insurance. These initiatives will provide rich sources of industry-level and operational data to aid transparency, assist in policy formulation and also promote competition.

Finally, I would like to assure the Deputy that securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key policy priority for this Government. In this regard, it is my intention to work with my Government colleagues to ensure the timely implementation of the Action Plan, which is key to improving the cost and availability of insurance for all consumers, businesses and community groups across Ireland.