Brendan Griffin (Kerry, Fine Gael)
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292. To ask the Minister for Finance if insurance companies will end the practice of not quoting customers with open claims for three years; and if he will make a statement on the matter. [10098/22]

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 regulation of the insurance sector.  Neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so. Consequently, I am not in a position to direct insurance companies as to how they price their policies or what terms and conditions they apply in those policies, nor can I direct insurance companies to provide cover to specific individuals or businesses.

It is my understanding that there is no standard approach from insurers when it comes to offering quotations on the open market. Insurers rely on their individual risk and underwriting criteria, and they review such scenarios on a case-by-case basis. It is understood from Insurance Ireland that, generally speaking, if a claim is pending/outstanding, regardless of fault, there is a reluctance from prospective insurers in the market to provide a quotation. In general terms this means that the consumer will stay with their incumbent insurer until the claim is settled.

According to Insurance Ireland, one of the reasons for this is that getting up-to-date information on the status of the open claim can be challenging, as there is no definite length of time to settle an insurance claim, especially with regard to personal injury claims. Furthermore the potential claim settlement amount could be outside the individual insurers risk acceptance criteria. Insurance Ireland has advised that there are usually specialist brokers in the market who may source capacity for consumers with open or pending claims, but the nature of the premium is often higher to reflect the risk.

Finally, it may interest the Deputy to know that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance cover. This can be accessed at: feedback@insuranceireland.eu.