John Clendennen (Offaly, Fine Gael)
Link to this: Individually | In context

70. To ask the Minister for Finance the steps being taken to improve competition in the insurance sector in Ireland; and if he will make a statement on the matter. [27627/25]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context

The Government is taking a comprehensive and proactive approach to improving competition in the Irish insurance market, as outlined in the Programme for Government: Securing Ireland’s Future. A key focus is the development of a new Action Plan for Insurance Reform, which follows on from the 2020 Plan that brought significant changes, including reforms to the Duty of Care, enhancements to the Injuries Resolution Board, and the implementation of new Personal Injuries Guidelines. These changes contributed to a more stable and competitive insurance market, helping to attract new providers such as OUTsurance, Revolut, and Fastnet.

To further this progress, the Minister of State with responsibility for Financial Services, Credit Unions and Insurance recently launched a public consultation on the upcoming Action Plan. This consultation, which closed on 19 May 2025, received over seventy submissions from a wide range of stakeholders, highlighting strong engagement and interest in continued reform. The new Action Plan will focus on deepening competition, enhancing transparency, and improving affordability across all types of insurance.

The Programme for Government-Securing Ireland’s Future also commits to expanding and supporting the Office to Promote Competition in the Insurance Market (OPCIM), which is tasked with encouraging greater competition in the Irish insurance market. Operating under the direction of Minister of State Troy, OPCIM supports cross-Government and industry engagement to address longstanding access and affordability issues. The Office focuses specifically on encouraging greater competition among existing insurers and attracting new entrants through a clear and predictable policy environment.

OPCIM has been instrumental in restoring insurance availability in sectors that previously struggled, such as equestrian activities, inflatable hire, adventure tourism, childcare, and high-footfall SMEs like pubs and hospitality. It also works to connect businesses with brokers and underwriters, while supporting efforts to reduce risk and secure cover.

In addition, ongoing collaboration with the Central Bank of Ireland aims to improve the timeliness and transparency of data published via the National Claims Information Database. This enhanced data access is intended to support better decision-making by consumers, businesses, and insurers alike.

Through the combined efforts of OPCIM, the Department of Finance, and other stakeholders, the Government remains committed to fostering a more open and competitive insurance market. These actions are designed to ensure that businesses, community groups, and consumers across Ireland benefit from increased insurance capacity, better pricing, and greater choice.