Darren O'Rourke (Meath East, Sinn Fein)
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260. To ask the Minister for Finance the efforts he is making to support motor sports in Ireland, particularly relating to the ability to secure insurance cover; and if he will make a statement on the matter. [44208/24]

Jack Chambers (Dublin West, Fianna Fail)
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Securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland is a key policy objective for this Government. It is recognised that a small number of sectors, including motorcycle sports, are currently facing difficulty in terms of affordability and availability of insurance. Government has therefore prioritised the implementation of the Action Plan for Insurance Reform, which aims to improve the cost and availability of insurance for all groups, including sporting organisations. The latest Implementation Report, demonstrates that significant progress has been made, with approximately 95 percent of the actions either delivered or initiated.

There are clear indications that the market is responding to the Government reform agenda, with insurance now available in previously challenging areas such as equestrian activities, inflatable hire, ice-skating, play centres, and SMEs.

Furthermore, one of the most significant developments of the Action Plan has been the implementation of the Personal Injuries Guidelines, which have reduced average award levels significantly. According to the latest NCID report, currently 63 percent of all claims and 27 percent of litigated claims are being settled under the new Personal Injuries Guidelines. This indicates a shift from the older system based on the Book of Quantum. In addition, the Injuries Resolution Board is now handling more cases, increasing efficiency, as compensation and legal costs are lower than in litigated cases.

Government has consistently emphasised its clear expectation that insurers should pass-on any savings arising from the reform agenda to customers. Minister of State Richmond has met with the main insurers in the Irish market and impressed upon them the need to reflect lower claims costs through reduced premiums, but also to expand their risk appetite to provide cover to lesser-served, ‘pinch-point’ sectors, such as motorsports.

Separately, the Deputy may be aware that the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media continues to work closely with Sports Ireland to investigate the question of insurance in the wider sports sector. Accordingly, National Governing Bodies have been invited to contribute to this development. Officials from the Department of Finance remain in contact with their counterparts and all queries regarding this exercise should be directed to the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.

In conclusion, the Government remains steadfast in its commitment to achieving a competitive and sustainable insurance market, ensuring the availability and affordability of insurance for all sectors. The ongoing implementation of the Action Plan for Insurance Reform, continues to deliver on the Government’s reform agenda, making Ireland a more attractive destination for insurers and ultimately benefiting all sectors.