Michael McGrath (Cork South Central, Fianna Fail)
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I propose to take Questions Nos. 120 and 131 together.

Insurance reform remains a priority for this Government and is being delivered via the Action Plan for Insurance Reform. The latest Implementation Report demonstrates that significant progress has been made, with 90 per cent of the actions contained in the ActionPlannow either delivered or initiated. The importance that Government places on the Action Plan isevidenced by the fact that implementation is overseen by a Cabinet Sub-Group on insurance reform, chaired by the Tánaiste.

The establishment of the Office to Promote Competition in the Insurance Market is a Programme for Government commitment. Chaired by Minister Carroll MacNeill, 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. Since its establishment, the Office has met with a range of stakeholders, including insurance companies and representative organisations. It is also working closely with IDA Ireland to help leverage the ongoing insurance reforms with the objective of targeting new entrants to the Irish market. I am confident that the IDA now has a positive message to communicate, and new insurance providers have either established in Ireland or are in the process of doing so. In addition, there are also indications that domestic incumbents are expanding their product lines across a diverse range of areas such as SME business, professional indemnity and renewables. This is a clear sign that the Government reform agenda is working. In order to maintain this momentum, Minister Carroll MacNeill will shortly be meeting with the CEOs of the major insurance companies in the State in order to impress upon them the necessity of passing on savings from the new insurance environment to customers, in the form of reduced premiums. She has also recently had a series of engagements with insurance stakeholders in London, including earlier this week with Lloyds, where she emphasised the positive impact of the Government reform agenda and highlighted the opportunities now available for insurers to enter the Irish market. The Minister of State will update the Cabinet Sub Group on the activity of the Competition Office at its next meeting, later this quarter.

In conclusion, I wish to assure the Deputy of my intention to continue to work with my Government colleagues to ensure that the implementation of the Action Planwill continue to bring benefits in terms of affordability and availability of insurance for all consumers.