Edward Timmins (Wicklow, Fine Gael)
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22. To ask the Minister for Enterprise, Trade and Employment if he will meet with the insurance industry to find ways of incentivising those companies to pass on the significant claims reductions savings to the consumers. [50766/25]

Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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I want to thank the Deputy for the question. Responsibility for policy on insurance matters lies with the Department of Finance and my colleague Minister Troy, in his capacity as Minister of State with special responsibility for Financial Services, Credit Unions and Insurance. I know that Minister Troy, in his capacity as Chair of the Office to Promote Competition in the Insurance Market, meets with the insurance industry regularly.

My Department, has responsibility for personal injuries policy, governance and oversight of the Injuries Resolution Board and the legislation underpinning it.

However, I am acutely aware of the impact that the cost of insurance has for business and overall competitiveness.

The 2020 Action Plan for Insurance Reform delivered significant progress on reforming the insurance sector including rebalancing the Duty of Care, introduction of the Personal Injuries Guidelines and the research output of the Injuries Resolution Board.

On the 24th July, the Government published its new ‘Action Plan for Insurance Reform 2025-2029 – A Stronger Market, a Fairer Future’.

The Action Plan contains 26 actions across a range of Departments which aim to increase insurance affordability, transparency and availability. My own Department and its agencies are leading on 11 of the actions. Earlier this month, my Department published the Action Plan on Competitiveness and Productivity which outlines 85 actions to enhance Ireland’s economy, with 26 priority measures. It also highlights the importance of the delivery of the Action Plan on Insurance Reform for competitiveness.

A component of the Action Plan on Insurance Reform will be the continued strengthening of the Injuries Resolution Board.

Since establishment in 2004 the Injuries Resolution Board, has dealt with over 500,000 personal injury claim applications and made nearly 200,000 assessments of compensation. In 2024 alone €76 million was saved through the work of the Board from the avoided legal costs associated with litigation. I want to see these savings, and those from other reforms in the new action plan being passed on to businesses.

I would also draw the Deputy’s attention to the establishment of the Cost of Business Advisory Forum under the remit of my Department. A commitment in the Programme for Government, Minister Burke established this new group with the objectives of reducing the costs of running a business and addressing delays which can impact operations.

The forum brings together business owners, retailers, tourism operations, accounting professionals and representative groups, along with regulators and state agencies.

Both Minister Burke and I will continue to attend meetings of the Cabinet Committee Subgroup on Insurance Reform to drive progress on the Action Plan for Insurance Reform. Working alongside my colleagues across Government we will advocate on behalf of business to drive the insurance reform agenda taking account of the wider issue of competitiveness and impacts on our economy.