Cathal Crowe (Clare, Fianna Fail)
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688. To ask the Minister for Finance the commitments the upcoming Action Plan for Insurance Reform will contain to explore new solutions for sectors who still cannot get insurance (details supplied); and if he will make a statement on the matter. [42696/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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It is important to note that neither I, as Minister for Finance, nor the Central Bank of Ireland has the authority to intervene in the pricing or availability of individual insurance products. These are commercial matters for insurers, subject to prudential and conduct supervision under the EU’s Single Market framework, particularly the Solvency II Directive.

The Government has delivered significant reforms in recent years through the 2020 Action Plan for Insurance Reform. These include legal reforms, a rebalancing of the duty of care, introducing the Personal Injuries Guidelines, and the establishment of the Office to Promote Competition in the Insurance Market. These changes helped create a more competitive market and have contributed to new market entrants and expanded insurance availability in sectors such as hospitality, leisure, and SMEs. However, there will always be sectors where underwriting appetite is limited due to the particular risks involved.

Notwithstanding this, Government is acutely aware of the concerns felt by many sectors, including the one highlighted by the Deputy, regarding the cost and availability of insurance. On 24 July, Government launched its new Action Plan for Insurance Reform. The Plan includes a comprehensive series of targeted actions aimed at improving affordability, availability and transparency across the insurance sector, including niche sectors of the market.

There are several priority actions, focused on areas where the greatest impact on cost and availability can be achieved. For example, a key focus is on enhancing market competitiveness by proactively engaging with the international insurance market to encourage international entrants into the Irish insurance market which will further boost supply and enhance the availability of insurance.

In conclusion, the Government remains committed to ensuring that the insurance sector is accessible, affordable and transparent. Our goal is to promote a competitive market that supports the widest possible range of social and economic activities – including those involving higher or more specialised risks – through targeted reforms, regulatory clarity and active engagement with the insurance industry.