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Insurance Costs

Dáil Éireann Debate, Thursday - 28 February 2019

Thursday, 28 February 2019

Questions (27, 42)

Niamh Smyth

Question:

27. Deputy Niamh Smyth asked the Minister for Finance the status of plans to deal with the rising cost of business insurance; and if he will make a statement on the matter. [9768/19]

View answer

Aindrias Moynihan

Question:

42. Deputy Aindrias Moynihan asked the Minister for Finance the steps he is taking to reduce the cost of public liability insurance; and if he will make a statement on the matter. [9959/19]

View answer

Written answers

I propose to take Questions Nos. 27 and 42 together.

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 shortly and I understand will indicate that 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 both the Motor and EL/PL Reports. In addition, there will be an emphasis on implementing the recommendations of the second Personal Injuries Commission report in order to try and bring the levels of damages awarded in this country more in line with those awarded in other jurisdictions.

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