James Lawless (Kildare North, Fianna Fail)
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112. To ask the Minister for Finance the measures he is taking to bring about reduced premia in the insurance sector; and if he will make a statement on the matter. [54340/21]

Matt Carthy (Cavan-Monaghan, Sinn Fein)
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149. To ask the Minister for Finance if he will bring forward recommendations to address the high costs of insurance cover in the childcare sector. [54320/21]

Matt Carthy (Cavan-Monaghan, Sinn Fein)
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254. To ask the Minister for Finance his proposals to address the high insurance costs incurred by many facilities providing tourism services. [47949/21]

Bernard Durkan (Kildare North, Fine Gael)
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283. To ask the Minister for Finance the extent to which he and his Department continue to monitor developments in the insurance industry with particular reference to the need to provide insurance cover for all types of insurance at viable rates; and if he will make a statement on the matter. [54734/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 112, 149, 157, 254 and 283 together.

I am aware that the affordability of insurance is an issue of concern for many groups, including the sectors referred to in the Deputies’ questions. As the Deputy will be aware, neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, nor do we have the power to direct insurance companies to provide cover to specific businesses or individuals. This position is reinforced by the EU Solvency II Directive framework.

However, the Government keenly understands the importance of consumers and businesses being able to access affordable insurance, and is working to improve the cost and availability of this vital financial service through 66 cross-departmental actions under the Action Plan for Insurance Reform. This work is being prioritised by the Cabinet Committee Sub-Group on Insurance Reform, which is chaired by the Tánaiste and Minister for Enterprise, Trade and Employment. The Sub-Group meets regularly to review the implementation of this reform agenda, which is progressing well. The Implementation Report published last July shows that 34 of the 66 actions were complete.

In relation to recent price changes for insurance, I would note that, according to Central Statistics Office (CSO) data for September 2021, motor insurance prices are continuing to decline. Motor insurance prices in September were 36.6% lower than their peak in July 2016; and 8.4% lower than when the Government’s Cabinet Committee Sub-Group on Insurance Reform was established in September 2020. Notwithstanding this, I would like to assure the Deputies that work remains ongoing across Government to deliver further elements of the Action Plan, which will be important for the sectors referenced in the question.

This includes legislative proposals to reform the law on Occupiers’ Liability and the Duty of Care, which are expected to be brought to Government for approval shortly. The Department of Enterprise, Trade and Employment is also working to bring forward legislation to enhance the role of the Personal Injuries Assessment Board, which should lead to an increased number of claims being settled more cost-effectively. Minister of State Fleming and I will continue to work with colleagues to drive forward these reforms with a view to improving the insurance environment for consumers, businesses and community and voluntary groups.