Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

182. To ask the Minister for Finance if the Office to Promote Competition in the Insurance Market has since its establishment considered the difficulty in accessing home and property insurance for buildings with thatched roofs; if the office has engaged with brokers or providers in other jurisdictions in relation to same; if the office has engaged with the heritage division of the Department of Housing, Local Government and Heritage given the cultural, historical and touristic value of thatched roofs in the Irish landscape; and if he will make a statement on the matter. [21638/22]

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

While, under EU law, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups. This includes niche sectors such as buildings with thatched roofs. 

The whole-of-Government approach being taken through the Action Plan for Insurance Reform sets out 66 actions which aim to improve both the cost and availability of this key financial service, particularly for businesses. The Second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of these actions are being delivered.

Similarly, since its establishment the Office to Promote Competition in the Insurance Market has held over 70 meetings with key stakeholders, including insurance providers, professional organisations and civic society groups, to understand gaps in the Irish insurance market. As part of the effort to increase competition, the Office is working closely with the IDA to broaden the supply of insurance in the market, including in areas which have been identified as ‘pinch-points’, such as that highlighted by the Deputy. The IDA has commenced a multi-phased engagement process with targeted underwriters and will seek to leverage the developments of the Government insurance reform agenda to date. 

Specifically, I have previously raised the issue of thatched roof properties with both Insurance Ireland and Brokers Ireland in meetings with them. Brokers Ireland has informed me that it has a dedicated information service for people having insurance issue with their thatch roof properties and has established a special email address to deal with these queries, which is thatchedroofqueries@brokersireland.ie  

Finally, I would like to take this opportunity 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 and that I will continue to work towards this objective with my colleagues. 

Niamh Smyth (Cavan-Monaghan, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

183. To ask the Minister for Finance if matters raised in correspondence by a person (details supplied) will be reviewed; the steps his Department is taking to address this issue; and if he will make a statement on the matter. [21639/22]

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

I note that the details supplied relate to the cost of Employers’ Liability insurance for an SME, and the Government’s insurance reform agenda. As the Deputy will appreciate, I am unable to comment on individual cases. Moreover, 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).

That said, I would note that the second Implementation Report of the Action Plan for Insurance Reform, published in March this year, showed that insurance reform is progressing well, with some 80% of actions in the Plan now being delivered, and the remaining initiated. It is my hope that the cumulative impact of these reforms will be to improve both the cost and availability of insurance for businesses, particularly SMEs, as well as consumers and other groups.

We are now committed to working with colleagues across Government to deliver the outstanding actions, with a view to improving the affordability of cover in all sectors, including liability insurance for businesses.

I would note that according to the first National Claims Information Database (NCID) Report on Employers’ Liability, Public Liability and Commercial Property insurance, published last year, many businesses are accessing affordable insurance. The Report shows that in 2019, the average premium for package policies was €2,269, and 93% of all policies had a premium of less than €5,000.

Nonetheless, I do accept that premiums for some businesses and organisations may still be rising. This may be due to particular issues in those sectors, which our Action Plan is addressing. The insurance reform agenda is still ongoing and it may take some time for the benefits of the reforms to feed through to reduced premiums and greater availability of insurance for businesses and other groups.