Rose Conway-Walsh (Mayo, Sinn Fein)
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82. To ask the Minister for Finance the supports he will provide to those businesses which cannot secure insurance; the steps he is taking to reduce the cost of business insurance; and if he will make a statement on the matter. [6598/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, I wish to reassure the Deputy that I recognise the challenges faced by businesses in securing affordable insurance cover. Under the EU’s Solvency II Directive, neither the Minister for Finance nor the Central Bank of Ireland can intervene directly in insurance pricing or the provision of cover. As the Deputy is also aware, direct business supports fall under the remit of the Minister for Enterprise, Trade and Employment.

Notwithstanding this, the Government remains committed to ongoing insurance reform as set out in the Programme for Government. The publication of a new Action Plan for Insurance Reform is a key commitment, building on the progress of the 2020 Plan, which delivered significant changes such as the rebalancing of the Duty of Care, the reform of the Injuries Resolution Board, and the introduction of new Personal Injuries Guidelines. These reforms have contributed to a more stable insurance market, attracting new providers such as OUTsurance, Revolut, and Fastnet, while expanding cover to sectors like hospitality, SMEs, sports, and leisure activities. Work on developing the new Action Plan for Insurance Reform is underway.

Since 2020, the Office to Promote Competition in the Insurance Market (OPCIM) has played a key role in broadening insurer risk appetite, facilitating coverage for high-risk sectors such as equestrian activities, adventure tourism, and childcare. The Programme for Government-Securing Ireland’s Future commits to the expansion/support of the Office Insurance Market to ensure Ireland remains an attractive market for insurance. Minister of State Troy is the chair of the OPCIM and will continue to engage with the industry to ensure that reforms result in increased competition and availability of cover for businesses.

Transparency remains a key focus of the Government’s reform agenda, and my officials are engaging with the Central Bank of Ireland to look at ways to enhance the timeliness of data releases from the National Claims Information Database. The latest data for 2023 shows that 56 percent of all business insurance policies had a premium of less than €1,000, while 90 percent had a premium of less than €5,000.

In conclusion, seeking to secure a more sustainable and competitive market through deepening and widening the supply of insurance 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 businesses, consumers and community groups across Ireland.