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Insurance Costs

Dáil Éireann Debate, Thursday - 14 February 2019

Thursday, 14 February 2019

Questions (38)

Michael McGrath

Question:

38. Deputy Michael McGrath asked the Minister for Finance the key recommendations of the cost of insurance working group, including the report on employer and public liability, he plans to implement in the next six months; and if he will make a statement on the matter. [7369/19]

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Written answers

The most recent Progress Update in respect of the Cost of Insurance Working Group project, published last November, shows that of the total number of 78 separate relevant deadlines within the Action Plans of the Report on the Cost of Motor Insurance and the Report on the Cost of Employer and Public Liability Insurance up to the end of Q3 2018, 63 relate to actions which have been completed.

It is envisaged that the next quarterly Progress Update will issue by the end of this month and concentrate in particular on outlining the definitive position in relation to all of the 33 recommendations from the Motor Report as the last of the deadlines within its Action Plan passed at the end of 2018.

In respect of the EL/PL Report, the vast majority of the total of 26 action points which were due for completion during 2018 overall have been done. I am confident that any outstanding action points will be completed in the coming months, along with the three remaining action points with deadlines set for various quarters throughout 2019.

The upcoming Progress Update will also include an additional section providing the up-to-date status in respect of relevant recommendations from the two reports issued by the Personal Injuries Commission.

Some of the key actions and recommendations which I hope will be implemented over the next six months include:

- Personal Injuries Assessment Board (Amendment) (No. 2) Bill 2018 to conclude its passage through both Houses of the Oireachtas

- The Law Reform Commission to formally commence its examination of the possibility of capping levels of damages for personal injury actions

- The National Claims Information Database to be fully functioning following the recent commencement of the relevant Act

- Progress in relation to the proposal to establish an improved insurance fraud investigative capacity within the Garda National Economic Crime Bureau and further fruitful co-operation between the insurance industry and Gardaí

- Publication of Key Information Report on employer and public liability insurance claims

- Progress in relation to delivering interim guidelines relating to appropriate general damages award levels for the prioritised soft tissue/whiplash injury category.

Overall, the Deputy can rest assured that the Cost of Insurance Working Group will keep its focus on putting into place all of its proposed measures in order to improve the insurance market for businesses and consumers alike.

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