Michael Lowry (Tipperary, Independent)
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13. To ask the Minister for Finance if he has received and reviewed correspondence from Tipperary-Cahir-Cashel Municipal District concerning the insurance costs incurred by community groups and organisations that host community events and festivals; the efforts his Department and Government are making to address the issue raised; and if he will make a statement on the matter. [31268/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to note that neither I, nor the Central Bank of Ireland have any influence over the pricing or provision of insurance products, as this is a commercial matter.  This position is reinforced by the EU legislative framework for insurance (the Solvency II Directive). 

Having said that, the Government is acutely aware of the concerns felt by many sectors, including the one highlighted by the Deputy, regarding the cost and availability of insurance, and has therefore prioritized insurance reform. In this regard, the Action Plan for Insurance Reform sets out 66 actions which aim to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden that insurance costs can have on business, community and voluntary organisations. Eighty per cent of the actions are now been delivered, and work is continuing across several Government departments to deliver the remaining key reforms. In particular, reform to the Duty of Care legislation is expected to address issues of “slips, trips and falls” prevalent in high-footfall activities such as festivals and community events.

One development has been the creation of the Office to Promote Competition in the Insurance Market within my Department. The role of the Office, which I chaired, is twofold: to assist in reducing insurance costs, and increasing the availability of cover, by promoting competition in the Irish insurance market. The Office is currently working closely with the IDA to bring new entrants into the Irish insurance market to improve its overall competitiveness and to offer cover in areas which have been identified as ‘pinch-points’ here. 

I regularly meet with community groups and representative bodies, in order to understand gaps in terms of the market. As this stakeholder engagement process carries on, I will continue to raise the issue of insurance market ‘pinch-points’ and will restate my concerns in meetings with underwriters and brokers. 

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.  In this regard, it is my intention to work with my Government colleagues to ensure that implementation of the Action Plan can have a positive impact on the affordability and availability of insurance for individuals, businesses, community and voluntary groups across Ireland.