James O'Connor (Cork East, Fianna Fail)
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87. To ask the Minister for Finance the way in which he is fostering a competitive, transparent, and consumer-friendly insurance landscape; and if he will make a statement on the matter. [16286/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Government is committed to fostering a competitive, transparent, and consumer-friendly insurance landscape through ongoing reform efforts. The Programme for Government- Securing Ireland’s Future commits to a range of actions to encourage further competition in the market and to work with key stakeholders to enhance transparency and affordability across all types of insurance.

A key initiative is the publication of a new Action Plan for Insurance Reform, which builds on the 2020 Plan that introduced major changes, including the rebalancing of the Duty of Care, reforms to the Injuries Resolution Board, and the implementation of new Personal Injuries Guidelines. These measures have contributed to market stability and attracted new providers such as OUTsurance, Revolut, and Fastnet, while also expanding coverage to sectors like hospitality, SMEs, sports, and leisure activities. Work is underway to develop the new Action Plan for Insurance Reform which will focus on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance.

The Programme for Government also commits to the expansion/support of the Office to Promote Competition in the Insurance Market (OPCIM) to ensure Ireland remains an attractive market for insurance. The Office chaired by Minister of State Troy, has played a crucial role in encouraging insurers to broaden their risk appetite. This has facilitated coverage for high-risk sectors such as equestrian activities, adventure tourism, and childcare. The Government remains committed to ongoing engagement with the industry through the OPCIM to ensure that reforms translate into increased competition and availability of cover. Transparency is also a key focus, with ongoing efforts to enhance the timeliness of data releases from the National Claims Information Database in collaboration with the Central Bank of Ireland.

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