Emer Higgins (Dublin Mid West, Fine Gael)
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246. To ask the Minister for Finance if his Department will examine the matter of decreasing insurance premiums for retired individuals no longer commuting to and from work by car; if this is a matter which the subgroup on insurance reform is considering; and if he will make a statement on the matter. [57954/22]

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, can dictate the pricing or provision of insurance products, as this is a commercial matter assessed on a case-by-case basis. This position is reinforced by the EU legislative framework for insurance (the Solvency II Directive). Consequently, I am not in a position to direct insurance companies as to the pricing level that they should apply to particular categories of individuals.

On a general level, insurance companies consider a number of risks when determining the premium for a proposed insurance policy. For example, in the case of motor insurance, I understand that insurers use a combination of actuarial factors in making decisions on whether to offer cover and what terms to apply, such as: the age of the driver; vehicle type; claims record; driving experience; number of drivers; how the car is used (including for commuting); etc. Insurers also price in accordance with their specific claims experience and risk exposure and do not use the same combination of rating factors. Accordingly, premium prices vary across the market.

This Government has prioritised insurance reform via the Action Plan for Insurance Reform.  The third Action Plan for Insurance Reform Implementation Report was published earlier this month, showing 90 per cent of the actions already being delivered and key legislation fast-racked to completion. It is my belief that the overall implementation of the Action Plan should help to improve both the cost and availability of insurance for motorists, which should be passed onto consumers.

It may be useful for the Deputy to know that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance cover, which can be accessed at feedback@insuranceireland.eu.  In addition, where somebody feels they have been treated unfairly by a particular insurance provider, they have the option of making a complaint to the Financial Services and Pensions Ombudsman (FSPO). The FSPO acts as an independent arbiter of disputes that consumers may have with their insurance company or other financial service provider. The FSPO can be contacted either by email at info@fspo.ie or by telephone at 01-567-7000.