Mattie McGrath (Tipperary South, Independent)
Link to this: Individually | In context | Oireachtas source

64. To ask the Minister for Finance the steps he is taking to reduce the cost of insurance; if he will reconsider the proposed increase in personal injury awards by 17%; and if he will make a statement on the matter. [15087/25]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I wish to assure the Deputy that the Government is fully committed in the new Programme For Government - Securing Ireland’s Future to further action to drive down insurance costs impacting households, motorists and businesses. A new Action Plan for Insurance Reform is in development which will focus on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance. This will build on the significant progress made under the previous Action Plan.

In relation to the Personal Injuries Guidelines, they are developed by the Judicial Council, which is independent in its functions. While this matter falls within the remit of the Minister for Justice, I as Minister for Finance, fully appreciate its significance for insurance provision and the potential implications for recent insurance reform efforts to bring down the cost and increase the availability of insurance for consumers, businesses and the community and voluntary sector.

The Deputy may be aware that the Central Bank of Ireland recently published the National Claims Information Database (NCID) Employers’ Liability, Public Liability and Commercial Property Report 4. The NCID data demonstrates that the Personal Injuries Guidelines are having a positive effect, with the Injuries Resolution Board being the fastest and most cost-effective method of resolving personal injury claims.

My officials have and continue to engage with Department of Justice on the proposed amendments to the Personal Injuries Guidelines and their potential impact on the Government insurance reform agenda. I recently met with the Minister for Justice to discuss the Guidelines in the context of recent developments and to consider what actions Government now needs to take in this matter. From my engagement, I understand that the Minister for Justice is reflecting on the matter, and I will await the outcome of those reflections. Additionally, Minister of State Troy has commenced a process of engagement with key stakeholders, including Insurance Ireland and major insurers, to ensure reform-driven savings lead to lower premiums and broader coverage.

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 groups across Ireland.