Ruairí Ó Murchú (Louth, Sinn Fein)
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15. To ask the Minister for Finance if he will provide an update on the work being done by his Department to reduce the cost of public liability insurance; the priorities for the year in this regard; and if he will make a statement on the matter. [27326/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I recognise the concerns felt by businesses across the country about the cost and availability of public insurance cover. The most recent Central Bank National Claims Information Database (NCID) report on employers’ and public liability and commercial insurance shows that in 2023, 56 per cent of policies had a premium of less than €1,000, and 90 per cent had a premium under €5,000.

As the Deputy is aware, neither the Minister for Finance nor the Central Bank of Ireland can intervene in insurance pricing or provision under the EU's Solvency II directive. Notwithstanding this, the Government remains firmly committed to tackling the high cost of insurance, through the continued work of the Office to Promote Competition in the Insurance Market (OPCIM). This Office was established under the 2020 Action Plan for Insurance Reform to support the development of a more competitive insurance landscape in Ireland and remains a key element of our broader reform agenda to reduce costs and improve the availability of cover across the economy.

The importance of OPCIM has been reaffirmed in the Programme for Government 2025 – Securing Ireland’s Future , which commits to expanding and supporting the Office to ensure that Ireland remains an attractive and accessible market for insurance. The Government’s approach is focused both on supporting greater competition among existing insurers and on attracting new providers to the market by maintaining a clear, predictable and supportive policy environment.

The Office also maintains regular engagement with sectors that have faced insurance challenges, and this work has yielded positive results, with insurance available in areas that previously faced serious difficulties, including equestrian activities, inflatable hire, ice-skating, sports clubs, play centres and high-footfall SMEs such as pubs.

The impact of Government-led reforms is also evident in the entry of new insurers such as OUTsurance to the Irish market, while others, including Revolut and Coverys, are contributing to increased capacity across various lines of insurance.

Since taking up my role, I have engaged directly with key stakeholders, including Insurance Ireland and major insurers, to ensure reform-driven savings lead to lower premiums and broader coverage for consumers, businesses and voluntary groups. This will be progressed in the Government’s new Action Plan for Insurance Reform which is currently in development. The new Plan will build on the previous reforms and focus on A public consultation on the new Action Plan for Insurance Reform recently closed with over 70 submissions from industry, representative groups, businesses and members of the public. The new Action Plan will focus on deepening competition, enhancing transparency, and improving affordability across all types of insurance.