Dáil Éireann Debate, Tuesday - 21 February 2017
139. Deputy Dara Calleary asked the Minister for Finance if his attention has been drawn to the fact that insurance companies are discriminating against certain professions (details supplied) in refusing to insure them; his plans to tackle these issues; and if he will make a statement on the matter. [8233/17]
View answerAs Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to direct insurance companies to provide cover to particular categories of individuals such as people employed in the Arts or certain Sportspeople.
As the question is not clear as to which forms of insurance are being refused, my officials sought to clarify the matter, but were unable to get a response from your Office. Consequently the assumption has been made that you are referring to motor insurance due to fact that it is a very topical issue and has been the subject of a recent review by my Department.
Consequently, you should be aware that in making their individual decisions on whether to offer motor cover and what terms to apply, insurers use a combination of rating factors in making their individual decisions. Theses factors can include the age of the driver, the type and age of car, the claims record, driving experience and penalty points of the driver, the number of drivers, how the car is used, etc. My understanding is that insurers do not all use the same combination of rating factors, and as a result prices and availability of cover varies across the market. In addition, insurance companies will price in accordance with their own past claims experience. It should be noted that difficulties in obtaining motor insurance with regard to the above mentioned professions has not been brought to the attention of officials in my Department to date.
Finally, Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. In the event that a person is unable to obtain a quotation for motor insurance or feels that the premium proposed or the terms are so excessive that it amounts to a refusal to give them motor insurance, they should contact Insurance Ireland, 5 Harbourmaster Place, IFSC, Dublin 1, Telephone +353 1 6761820 , quoting the Declined Cases Agreement.
