Pearse Doherty (Donegal, Sinn Fein)
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160. To ask the Minister for Finance the options he is considering to force further premium reductions in the insurance market; and if he will make a statement on the matter. [23485/24]

Michael McGrath (Cork South Central, Fianna Fail)
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At the outset it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).

Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. As per the most recent Action Plan Implementation Report, published in February 2024, the vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on this issue is evidenced by the fact that implementation is overseen by a Cabinet Committee Sub-Group on Insurance Reform, chaired by the Tánaiste. Nevertheless, Government is aware that certain groups face difficulty in terms of affordability and availability of certain insurance lines. Accordingly, we continue to prioritise the delivery of the Action Plan, which will bring benefits to individuals, businesses and households alike.

Minister of State Neale Richmond is in the process of meeting with the main insurers in the Irish market to set out the Government’s expectation that savings arising from this whole-of-Government reform agenda will be reflected via reduced premiums, as well as increased availability of cover. Indeed, we have recently seen a number of new entrants to the market with some existing incumbents expanding their risk appetite to new areas. This represents a vote of confidence in the Government’s reforms and the wider insurance market here. It should be noted that more widely, the global insurance market shows signs of hardening and that Government policy seeks to reform the domestic insurance environment to ensure that Ireland is well-placed to compete for international capital.

The Government’s focus is now firmly on ensuring that the benefits arising from the entire reform programme are realised, for consumers, businesses, and community and voluntary groups.