Barry Heneghan (Dublin Bay North, Independent)
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282. To ask the Minister for Finance if he accepts that the continued rise in house insurance costs is placing an unsustainable burden on individuals, particularly pensioners; if he intends to introduce measures to reduce these costs; and if he will make a statement on the matter. [22901/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, neither I as Minister for Finance nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).

However, I am aware that the cost of home insurance may be rising for some consumers. The latest CSO Consumer Price Index data for 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 year-on-year. However, it should be noted that the rate of increase has declined substantially from its peak in April 2023, when it reached 23.3 per cent year-on-year.

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. These costs have been subject to significant inflationary pressure since 2020. As construction and repair costs have generally increased, this can impact the cost of home insurance premiums.

For any vulnerable consumers experiencing financial difficulty, the Central Bank of Ireland’s Guidance on Protecting Consumers in Vulnerable Circumstances advises that individual firms and firms working in conjunction with industry bodies and consumer representative bodies can provide assistance, to ensure appropriate supports are made available. Consumers who may have suffered financial loss or find themselves in financial difficulty, can also contact their insurance companies to see what measures can be put in place.

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. The new Action Plan will focus on encouraging further competition in the market and working with stakeholders to enhance affordability and transparency across all types of insurance. To support this, Minister of State Troy, and I, recently launched the public consultation phase of the new Action Plan. The consultation is available to view on the Department of Finance website and is open to submissions until 19 May and I would encourage any interested individual or organisation to make a submission and ensure their views are considered.

I wish to assure the Deputy that the Government remains fully committed to taking action to deepen and widen the supply of insurance, ensuring that the benefits of insurance reforms are fully passed on to all consumers across Ireland.