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Insurance Costs

Dáil Éireann Debate, Thursday - 14 February 2019

Thursday, 14 February 2019

Questions (41)

Niamh Smyth

Question:

41. Deputy Niamh Smyth asked the Minister for Finance the status of his plans to deal with the rising cost of business insurance; and if he will make a statement on the matter. [7276/19]

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Written answers

As the Deputy is aware, the second phase of the Cost of Insurance Working Group (CIWG) project culminated in the publication in January 2018 of the Report on the Cost of Employer and Public Liability Insurance. The Report makes 15 recommendations with 29 associated actions, detailed in an Action Plan with agreed timelines for implementation.

The most recent Progress Update was published last November and shows that 18 of the 19 actions points arising up to end of Q3 2018 have been completed.

It is envisaged that the next quarterly Progress Update will issue by the end of this month and 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 actions implemented to date cut across a number of different areas and include:

- The publication of by An Garda Síochána of the “Guidelines for the Reporting of Suspected Fraudulent Insurance Claims by Insurance Entities to An Garda Síochána”

- The Law Reform Commission confirming that the subject of caps on damages for personal injuries litigation is included in its draft Fifth Programme of Law Reform

- Sections 8 & 14 of the Civil Liability and Courts Act 2004 have been amended to ensure defendants are appropriately notified of a claim having been submitted against their policy and to make it easier for businesses and insurers to challenge cases where fraud or exaggeration is suspected, respectively

- An Garda Síochána commencing the collection of statistics under the new “insurance fraud” category which has been added to the PULSE system

- The Courts Service confirming that it will publish a more detailed breakdown of awards in personal injury cases in its Annual Reports

Finally, I would like to assure the Deputy that the CIWG will continue to focus on implementing the recommendations of the Report on the Cost of Employer and Public Liability Insurance in parallel with implementing those from the Report on the Cost of Motor Insurance. I am hopeful that the cumulative effects of the completion of the two Reports’ recommendations will include increased stability in the pricing of insurance for businesses and a more competitive insurance market.

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