Thomas Gould (Cork North-Central, Sinn Fein)
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100. To ask the Minister for Finance when personal injury insurance cost reductions will be passed onto consumers. [22062/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy may be aware, the Government is fully committed in the 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 being developed with a focus on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance. To support this, Minister of State Troy, and I, recently launched the public consultation phase of the Action Plan. The consultation is available to view on the Department of Finance website and is open to submissions until 19th May 2025. 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.

The Personal Injuries Guidelines are developed by the Judicial Council, which is independent in its functions. The matter of the Personal Injuries Guidelines falls within the remit of the Minister for Justice, however, I, as Minister for Finance, fully appreciate their 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.

A key goal of the previous Action Plan for Insurance Reform was to reduce insurance costs for consumers and businesses by tackling the high cost of insurance claims and enhancing competition in the insurance market. The cost and supply of insurance is a multi-faceted issue and premiums are influenced by multiple factors, including risk exposure and claims trends, legal costs, business costs and international reinsurance costs. While average personal injury awards have declined, insurance premiums have not fallen on a one-to-one basis. As a small, open insurance market, Ireland is particularly impacted by global inflationary trends on the cost and supply of insurance.

The Central Bank of Ireland published the National Claims Information Database (NCID) Employers’ Liability, Public Liability and Commercial Property Report 4 in March 2025. The data in the report relates to 2023 and 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.

Minister of State Troy has also completed 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, ensuring reforms result in lower costs and greater availability of insurance for consumers, businesses and community organisations across Ireland.