Michael Healy-Rae (Kerry, Independent)
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287. To ask the Minister for Finance to provide assistance regarding insurance issues for a youth organisation (details supplied); and if he will make a statement on the matter. [44879/24]

Jack Chambers (Dublin West, Fianna Fail)
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At the outset, it is important to note that neither the Minister for Finance, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, or compel any insurer operating in the Irish market to provide cover to specific individuals or organisations. This position is reinforced by the EU framework for insurance (the Solvency II Directive) which specifically prohibits Member States from doing so.

Notwithstanding this, Government is acutely aware of the concerns felt by many sectors, including the one highlighted by the Deputy, regarding the cost and availability of insurance. Officials from the Department of Finance have been in contact with a wide range of stakeholders in the motorcycle racing sector, including the organisation mentioned. The issue has also been raised with Insurance Ireland, major insurers in the State and other insurance intermediary groups such as managing general agents (MGAs).

It is a feature of the Irish insurance market that some smaller sectors, including motorcycle racing, have traditionally been dependent on specialist UK providers passporting into Ireland. As a consequence of the UK’s decision to leave the EU, this practice has now ended and it has become more expensive and difficult for niche underwriters from the UK to provide their products here. This has been exacerbated by the small size of some of these sectors, meaning that just one or two large or catastrophic claims can negatively impact insurance capacity for an extended period of time.

The Government has prioritised making insurance more accessible and competitive over the past several years. It has implemented a thorough program of reform involving the whole of government. The Action Plan for Insurance Reform sets out 66 actions that aim to improve both the cost and availability of this key financial service. The most recent Implementation Report shows that approximately 95 per cent of these actions have been either delivered or initiated.

In conclusion, I wish to reassure the Deputy that it is the my intention to continue to work with my Government colleagues to ensure that the implementation of the Action Plan will continue to have a positive impact on the affordability and availability of insurance for all groups, including sporting clubs and organisations.