Cian O'Callaghan (Dublin Bay North, Social Democrats)
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121. To ask the Minister for Finance the steps he is taking to reduce insurance costs which have been increasing year on year; the percentage increase in home insurance from 2018 to 2025; and if he will make a statement on the matter. [22753/25]

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).

I am aware that the cost of home insurance may be rising for some consumers. The latest Central Statistics Office (CSO) Consumer Price Index, published in March 2025, shows that the price of home insurance (“insurance associated with the dwelling”) rose by 0.1 per cent month-on-month and was 6.8 per cent higher compared to March 2024. Unfortunately, it is not possible to provide the Deputy with an exact percentage increase for home insurance between 2018 and 2025, as the CSO re-based the Consumer Price Index (CPI) in 2023. The rebase is done every 5 years by the CSO to reflect changes in consumer spending habits and item weights.

The cost of insurance is a multi-faceted issue, and premiums are sensitive to global inflationary pressures. Many factors influence the cost of home insurance, including rebuild costs, which in turn are impacted by costs such as 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. To support this, Minister of State Troy, and I, recently launched the public consultation phase. The consultation is available to view on the Department of Finance website and is open to submissions until 19 May. This is an important opportunity to shape the future 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.

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.