Michael Moynihan (Cork North West, Fianna Fail)
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70. To ask the Minister for Enterprise, Trade and Employment if he will report on the implementation of the insurance reform agenda. [45166/22]

Dara Calleary (Mayo, Fianna Fail)
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The Cabinet Committee Sub-Group on Insurance Reform of which I am a member and which the Tánaiste chairs published the Action Plan for Insurance Reform in December 2020. The Plan sets out 66 actions to bring down costs for consumers and business; introduce more competition into the market; prevent fraud and reduce the burden on business, community, and voluntary organisations.

The Subgroup on Insurance Reform met in July last to consider progress. Approximately 80% of actions in the Plan are now being delivered. Principal actions delivered to date include:

- The Personal Injuries Guidelines have been given effect.

- Legislation to strengthen the laws on perjury has been enacted.

- The Office to promote competition in the insurance market has been established.

- The Insurance Fraud Coordination Office has been established.

- The Insurance (Miscellaneous Provisions) Act 2022 has been enacted.

- The Competition (Amendment) Act 2022 has been enacted.

- The Personal Injuries Resolution Board Bill has been published.

While progress on these actions is welcome, Government is committed to doing more to reduce insurance costs. The Minister for Justice is progressing legislative proposals to reform the law in the area of occupier’s liability. The Office to Promote Competition in the Insurance Market is working with the IDA to help leverage the ongoing insurance reforms with the aim of targeting new entrants to the Irish market, or persuading current incumbents to expand their risk appetite. In my own area, I am ambitious for the Personal Injuries Resolution Board Bill 2022 to be enacted by year end.

I am confident that through the implementation of the actions set out in the Action Plan we are delivering meaningful reform of the insurance market and creating the conditions for the provision of affordable insurance for consumers and business.