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Dáil Éireann debate -
Wednesday, 10 Oct 2001

Vol. 541 No. 5

Written Answers. - Corporate Insurance Cover.

Austin Deasy

Question:

153 Mr. Deasy asked the Tánaiste and Minister for Enterprise, Trade and Employment the reason many substantial Irish businesses are unable to obtain insurance cover from Irish companies and have to seek such insurance abroad, leaving them exposed in the event of insurance companies getting into financial difficulties; and if she will make provision to protect Irish companies which may be affected in this manner. [23293/01]

Insurers offer cover based on underwriting experience as well as trends in the level, frequency and cost of claims, past and potential. Decisions on the risks that the companies are prepared to underwrite are a matter for the companies themselves. EU law prohibits intervention in underwriting decisions by insurance companies.

Over 300 EU insurers are authorised to write business on the Irish market in accordance with the terms of the directives establishing the Single Market. This brings the benefit of additional cover and competition to the Irish consumer.

We are making a number of efforts to reduce the cost of insurance cover in Ireland. Such efforts include the work of the Motor Insurance Advisory Board and the establishment of the Personal Injuries Assessment Board.

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