Pearse Doherty (Donegal, Sinn Fein)
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81. To ask the Minister for Enterprise, Trade and Employment if he will provide an update on progress made on the action plan for insurance reform; and if he will make a statement on the matter. [62113/22]

Emer Higgins (Dublin Mid West, Fine Gael)
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101. To ask the Minister for Enterprise, Trade and Employment the status of the action plan on insurance reform; and if he will make a statement on the matter. [61855/22]

Dara Calleary (Mayo, Fianna Fail)
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I propose to take Questions Nos. 81 and 101 together.

To increase the availability and affordability of insurance for consumers, business and community and voluntary groups, Government established a dedicated Cabinet Committee Subgroup on Insurance Reform in September 2020.

Through the Action Plan for Insurance Reform the Subgroup set out 66 actions to be delivered across Government to make Ireland’s insurance sector more competitive and consumer-friendly, supporting enterprise and job creation.

The most recent implementation report on the Plan published in November 2022 shows that approximately 90% of actions in the Plan have been completed or are ongoing, with the remaining initiated.

Principal actions completed to date include the introduction of the Personal Injuries Guidelines, enactment of legislation to strengthen the laws on perjury, establishment of the Office to Promote Competition in the Insurance Market and the Insurance Fraud Coordination Office. On December 6 the Oireachtas passed the Personal Injuries Resolution Bill which will transform PIAB into an enhanced personal injuries resolution board. Legislative changes to the law on occupiers liability are currently being considered by the houses.

Success of this Plan will not be measured by the number of completed actions but rather whether the reforms, implemented over the lifetime of this Government, result in reduced premiums and increased availability of insurance.

While we have seen some evidence of improvement of availability of insurance, we have only seen premiums decrease for motorists to date. I believe this ongoing improvement, at a time of overall price rises, indicates that these actions have laid a solid foundation for change, and are delivering positive outcomes for consumers. It is time for insurance companies to reflect these changes. Government expects that savings from the reform package will be passed on to customers, so that the full benefits of the Action Plan are realised.

The Subgroup on Insurance Reform will continue its work next year. It will actively review developments in the sector, monitor price changes and engage with stakeholders to continue to build on the reforms delivered to date.