Claire Kerrane (Roscommon-Galway, Sinn Fein)
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359. To ask the Minister for Finance the reason home insurance premiums on renewal are increasing for customers without any claims made; and if he will make a statement on the matter. [17110/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to clarify that the provision of home insurance is a commercial matter for insurance companies, based on an actuarial assessment of the risks they are in a position to accept. Government cannot interfere in the provision or pricing of insurance, or direct as to what cover is provided, as is reinforced by the EU framework for insurance (the Solvency II Directive).

However, the Government is committed in the new Programme for Government-Securing Ireland’s Future to further action to drive down insurance costs impacting homeowners, motorists and businesses and to ensuring that insurance companies pass on the benefits of the reform agenda to customers in the form of reduced premiums.

I am aware that the cost of home insurance may be rising for some consumers. The latest CSO Consumer Price Index data for February 2025 shows that the price of home insurance (“insurance associated with the dwelling”) rose by 0.2 per cent compared to January 2025 and was 7.5 per cent higher in 2025 compared to 2024. The cost of insurance is a multi-faceted issue, and premiums are sensitive to global inflationary pressures. Many factors can influence home insurance premiums, including the cost of rebuilding, which in turn is impacted by the price of building materials, energy, and labour.

A key focus of Government is the development of a new Action Plan on 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.

I wish to assure the Deputy that the Government remains fully committed to monitoring the sector and taking action to deepen and widen the supply of insurance, ensuring that the benefits of insurance reform are fully passed on to consumers, businesses, and community and voluntary groups across Ireland.