Ruairí Ó Murchú (Louth, Sinn Fein)
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700. To ask the Minister for Finance to provide an assessment of the State’s ability at attracting more companies offering public liability insurance into the market to ensure savings for policy holders; and if he will make a statement on the matter. [43442/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, I wish to emphasise that Government remains actively engaged with the insurance industry to address the cost of public liability insurance. 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.

While neither I, as Minister for Finance, nor the Central Bank of Ireland can intervene directly in insurance pricing under the EU’s Solvency II Directive, significant reforms are being implemented to enhance competition and reduce costs 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 continues to play a part in the broader reform agenda to reduce costs and improve the availability of cover across the economy.

The OPCIM has played a central role in engaging with both existing insurers and new market entrants to broaden their risk appetite. This has led to increased availability of cover for sectors such as equestrian activities, sports clubs, childcare and high-footfall SMEs. 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. The insurance sector has also seen greater activity from Managing General Agents, introducing specialised expertise into the market.

On 24 July, the Government published a new Action Plan for Insurance Reform, which focuses on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance, including public liability insurance.

I wish to assure the Deputy that the Government remains fully committed to the continued reform of the insurance sector, ensuring reforms result in lower costs and greater availability of public liability insurance for businesses and community organisations across Ireland.