Patricia Ryan (Kildare South, Sinn Fein)
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275. To ask the Minister for Finance the measures, if any, being taken by the Government to end insurance companies’ discriminatory time limit cap on holiday insurance for the over-70s; and if he will make a statement on the matter. [44570/24]

Jack Chambers (Dublin West, Fianna Fail)
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As the Minister for Finance overseeing the legal framework governing financial services regulation, including the insurance sector, I must emphasise that the provision of insurance cover, particularly in the area of travel insurance, is primarily a commercial matter determined by insurers. Accordingly, the EU Solvency II Directive dictates that neither the Government nor the Central Bank can mandate insurers to extend coverage beyond the terms specified in the policy.

Nonetheless, officials in my Department engage regularly with Insurance Ireland – the official industry body – on a range of consumer issues, including the question raised by the Deputy. They have been informed that there is no standard approach to travel insurance and that conditions can vary between providers. Accordingly, the availability of cover can depend on a number of factors including the age and the health of the person insured, the activities undertaken while on holiday, and the frequency of travel for annual policies.

Insurers will assess the risk of any application and take all information into account as it pertains to an individual applicant, and will make a decision based on their own risk appetite, as well as the range of factors previously noted. If higher risk is identified as a result of this assessment, Insurance Ireland has advised that the policy will be adjusted accordingly, and cover may be declined if that applicant poses a risk beyond the insurer’s threshold.

With this in mind, it may interest the Deputy to know that 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 . Additionally, 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 freedback@insuranceireland.eu.

In addition, consumers who feel they have been treated unfairly by any financial service provider, including an insurer, can make a 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 info@fspo.ie or by telephone at 01-567-7000. Investigations by the FSPO are free of charge to the complainant.