Brendan Griffin (Kerry, Fine Gael)
Link to this: Individually | In context | Oireachtas source

254. To ask the Minister for Finance if his attention has been drawn to the insurance difficulties facing activity and adventure providers; the measures that his Department is taking to address these challenges; if there is an overall trend, upward or downward, for premiums in this sector; and if he will make a statement on the matter. [54319/22]

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

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).

Notwithstanding this, 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 prioritised 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; encourage market competition; prevent fraud and reduce the burden that insurance costs can have on business, community and voluntary organisations. Eighty per cent of the actions contained therein are now being delivered, and work is continuing across several Government departments to implement the remaining key reforms. Of particular relevance to the adventure activity sector is the upcoming reform to the Duty of Care legislation, which is being led by the Department of Justice. This is expected to address issues of “slips, trips and falls” so prevalent in high-footfall and public-facing activities.

We can already see that the insurance market is responding to the success of the Government reform agenda, with insurers now willing to write business in areas that they had previously avoided. Certain recreational sectors, such as equestrian activities and bouncy castles, can now access insurance through the recent formation of group schemes. Minister Fleming, in his capacity as chair of the Office to Promote Competition in the Insurance Market, continues to engage with the insurance sector to understand market gaps, and has impressed upon insurance providers the Government’s expectation that any savings achieved as a result of the reform agenda will be passed onto consumers in the form of reduced premiums.

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.