Ruairí Ó Murchú (Louth, Sinn Fein)
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269. To ask the Minister for Finance to provide an assessment of the State's ability to attract 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. [47595/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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Insurance reform, including increasing the affordability and accessibility of insurance, remains a key priority for the Government. Action is being taken on a whole-of-Government basis and the Programme for Government sets out a range of actions for further insurance reform to enhance competitiveness, transparency, affordability and availability of insurance.

Significant reforms have been introduced 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 (OPCIM). The effect of such changes have helped create a more competitive market, have encouraged new market entrants, and expanded insurance availability in sectors such as hospitality, leisure, and the SME sector.

Government remains firmly committed to tackling the cost and availability of insurance, through the continued work of the Office to Promote Competition in the Insurance Market. This Office was established in 2020 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 Office 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.

A key priority for the Government is to support greater competition among existing insurers and to attract new providers to the market by maintaining a clear, predictable and supportive policy environment. To support this objective, the Government launched its new Action Plan for Insurance Reform 2025 – 2029 in July. The new Action Plan includes a comprehensive series of targeted actions aimed at improving affordability, availability, and transparency across the insurance sector, including public liability.

The Action Plan contains a number of 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. Encouraging international entrants into the Irish insurance market will further boost supply and enhance the availability of insurance.

Seeking to secure a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key priority for this Government, with the goal of enhancing transparency, affordability and availability for consumers across all types of insurance.