Written answers

Thursday, 3 March 2022

Department of Finance

Insurance Coverage

Photo of Róisín ShortallRóisín Shortall (Dublin North West, Social Democrats)
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252. To ask the Minister for Finance if his attention has been drawn to a report (details supplied) in particular the recommendations for Government; the steps he is taking to address this issue; and if he will make a statement on the matter. [12270/22]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I note that the question refers to research conducted on behalf of the Irish Cancer Society in relation to the experience of people affected by cancer when accessing financial products and services. I am aware of this research, and the issue of access to financial services for this particular group. It is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive).

I note the recommendations of the Report prepared for the Irish Cancer Socirety, particularly in relation to legislating for the concept of a “Right to be Forgotten”. I am aware that a number of EU Member States have implemented such a policy, and my officials have examined the approach taken in these jurisdictions. With respect to home ownership, which is recognised as a challenge within the report, officials have been considering issues around access to insurance, such as mortgage protection cover, for individuals who have recovered from cancer, and have consulted Insurance Ireland on this matter.

Insurance Ireland has advised that life insurance must be underwritten on a case-by-case basis, and that different types of cancers present different risks, which is reflected in current underwriting practices. Insurers must be able to use relevant statistical, medical, and actuarial data to make underwriting decisions to ensure terms and conditions of insurance are appropriate in the interests of all policyholders.

Separately, as the Deputy may be aware, this matter is being considered at EU level, and the European Commission’s Europe’s Beating Cancer Plan, published last year, includes an initiative for 2021-2023 to “Address fair access for cancer survivors to financial services (including insurance), via a code of conduct and a reflection on long-term solutions”. My Department has examined this development, and will closely monitor any outputs from this work, as it continues to consider relevant issues in this area. 

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