Cathal Crowe (Clare, Fianna Fail)
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563. To ask the Minister for Finance the work his Department is doing to publish a new action plan for insurance reform, as included in the Programme for Government; and if he will make a statement on the matter. [18882/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Government has committed to further action to address the cost of insurance impacting households, motorists and businesses as part of the Programme for Government: Securing Ireland's Future. This includes a commitment to develop a new Action Plan for Insurance Reform with a focus on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance.

The new Plan will build on the progress of the 2020 Action Plan, which delivered significant achievements, most notably the rebalancing of the Duty of Care, reforming the Injuries Resolution Board and the introduction of new Personal Injuries 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 to date and the wider insurance market in Ireland.

Work is already underway to develop a new Action Plan that will focus on enhancing affordability, transparency and competition in the insurance market. To support this, a public consultation process will be launched at the end of April seeking stakeholder views on the development of the new Action Plan. This is an important opportunity to shape the future direction of insurance in this country and I would encourage any interested individual or organisation to make a submission and ensure their views are considered in the development of the new Action Plan.

In addition, Minister of State Troy has also recently finished 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, I wish to assure the Deputy that the Government remains fully committed to the continued reform of the insurance sector, fostering a competitive, transparent, and consumer-friendly insurance landscape which supports greater availability and affordability of insurance for consumers and businesses across Ireland.