Ruairi Ó Murchú (Louth, Sinn Fein)
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134. To ask the Minister for Finance the status of the work of the Office for the Promotion of Competition in the Insurance Market; and if he will make a statement on the matter. [45714/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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Insurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reformis overseen by the Cabinet Sub-Group on insurance reform.

The establishment of the Office to Promote Competition in the Insurance Market, which I chair, is a Programme for Governmentcommitment. Its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance. In that regard, the Office is working closely with brokers and IDA Ireland to help leverage the ongoing domestic insurance reforms with the aim of targeting new entrants to the Irish market or encouraging current incumbents to expand into underserved areas. Since its establishment, the Office has held over 90 meetings with a wide range of stakeholders including insurance companies, voluntary groups and representative bodies on issues surrounding competition. As part of this schedule of engagements, I will meet the CEOs of the major insurance companies in the State over the coming weeks to impress upon them the expectation that savings achieved as a result of the Government reform agenda will be passed onto consumers in the form of reduced premiums.

Through initiatives such as the Action Plan, this Government is committed to securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland. In this regard, it is my intention to continue working with my Government colleagues to ensure the timely implementation of the Action Plan, which will bring benefits to the wider economy and society.