Thomas Pringle (Donegal, Independent)
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111. To ask the Minister for Finance if an investigation will be carried out into the insurance companies who have been charging larger annual premiums for lesser insurance cover when homeowners have informed the insurance companies that their homes are affected by defective concrete blocks; and if he will make a statement on the matter. [43585/24]

Jack Chambers (Dublin West, Fianna Fail)
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At the outset, it is important to state that neither I, as Minister for Finance, nor the Central Bank of Ireland can direct the pricing nor provision of insurance products. This is a commercial matter which individual companies assess on a case-by-case basis. This is due to the EU Single Market framework for insurance (the Solvency II Directive) which specifically prohibits Member States from doing so. Therefore, Government faces significant constraints in addressing the matter raised by the Deputy.

Insurers use various rating factors when deciding whether to provide coverage and on what terms. Insurers base their prices on their own claims experiences, which means companies may weigh these factors differently. Additionally, increasing costs for repairs and labour due to inflation are contributing to premium increases.

Notwithstanding this, officials from my Department have engaged with the Department of Housing, Local Government and Heritage on this issue.

Government has also prioritised the reform of the insurance environment in Ireland through implementation of the Action Plan for Insurance Reform, which aims to improve the cost and availability of insurance for all households, businesses and voluntary groups. Significant progress has been achieved, following delivery of the bulk of the actions contained in the Action Plan which should assist in the creation of a more competitive insurance market, which will benefit all citizens. Minister of State Richmond has engaged with CEOs of major insurance companies to emphasise the importance of passing on savings from the reformed insurance environment to customers through lower premiums.

In situations where a person is not satisfied with the service of an insurance provider, it is advisable that that person make a complaint to the firm's internal complaint resolution process, as you have done. The Consumer Protection Code requires that if after 40 days the complaint has not been resolved to the customer’s satisfaction, the regulated entity must inform the consumer that they may refer their complaint to the Financial Services and Pensions Ombudsman (FSPO).

The FSPO is a statutory official who acts as an independent arbiter of disputes which consumers may have with their insurance company or other financial service provider. The FSPO can be contacted either by email at or by telephone at 01-567-7000. Investigations by the FSPO are free of charge to the complainant.

It may interest the Deputy to know that Insurance Ireland operates an Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. This can be accessed by ringing 01-676-1820 or emailing . In addition, Brokers Ireland has access to a wide range of providers and products, and can offer advice for customers in sourcing cover. Brokers Ireland can be contacted at 01-661-3067 or at .

In conclusion, I wish to reassure you that it is my intention to continue to work with my Government colleagues to ensure that Government reforms of the insurance environment in Ireland will have a positive impact on the affordability and availability of insurance for all consumers across the country.