Paul McAuliffe (Dublin North-West, Fianna Fail)
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29. To ask the Minister for Finance for an update on his plans to establish a new action plan for insurance reform. [5009/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The previous Action Plan for Insurance Reform, published in 2020, delivered significant achievements, most notably the rebalancing of the Duty of Care, reforming the Injuries Resolution Board and the introduction of new Personal Injury Guidelines. In addition, in part due to the more attractive operating environment here, new competitors such as OUTsurance, Revolut and Fastnet have entered the motor insurance market, enhancing competition and capacity. In addition, a number of existing insurers expanded their risk appetite to new areas, including hospitality, SMEs, sports and leisure activities. This represents a vote of confidence in the reforms enacted and the wider insurance market in Ireland.

The Programme For Government - Securing Ireland’s Future sets out a range of commitments to build upon the reforms delivered to date in the insurance sector. A new Action Plan for Insurance Reform is being developed which will outline a range of deliverables in a number of Government Department policy areas, and will be published in due course. It will focus on working with stakeholders to enhance transparency and affordability across all types of insurance and encouraging further competition in the market.

The new action plan will add to the significant progress made under the previous plan, which has created a more sustainable market and improved conditions for both domestic and international insurers.

Minister of State Troy has recently begun a round of intensive engagement with key stakeholders including Insurance Ireland and the main insurers in the Irish market to set out the Government’s expectation that savings arising from the reform agenda will be reflected via reduced premiums, as well as increased availability of cover.

In conclusion, seeking to secure a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key priority for this Government. Government policy remains focused on ensuring that the benefits arising from the entire reform programme are realised, for consumers, businesses, and community and voluntary groups across Ireland.