Ruairí Ó Murchú
Question:297. Deputy Ruairí Ó Murchú asked the Minister for Finance the engagements he has had with insurance underwriters to bring more into the market; and if he will make a statement on the matter. [40954/21]
View answerTuesday, 27 July 2021
Questions (297)
Written answers
This Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups. In this regard, the Action Plan for Insurance Reform sets out 66 actions across a number of policy areas. As the Deputy may be aware, the Government recently published the first Action Plan Implementation Report, which shows that work is progressing well to implement these important reforms, with 34 of the 66 actions now completed.
One of the key achievements of the Government’s reform agenda is the new Office to Promote Competition in the Insurance Market , which is chaired by Minister of State Fleming. Since its establishment, the Office has held meetings with a wide range of stakeholders including insurance companies, representative bodies, civil society groups and state regulators on the issues surrounding competition. Minister Fleming met with CEOs of the major insurance providers in Ireland earlier in the year and will meet with them again in the autumn to discuss a variety of issues with them. I would like to add that we are already seeing indications that the insurance industry is beginning to respond positively to our reform agenda with the announcement recently by a specialist insurer that it will expand its footprint in Ireland. This is a welcome development, which may prompt other firms to expand their product offerings.
The Department is also working closely with the IDA to bring new entrants into the Irish insurance market and to improve its overall competitiveness. Officials from both are developing a customised proposal for potential market entrants and are identifying targets to engage intensively with. This will, in the first instance, seek out providers who offer insurance in areas which have been identified as ‘pinch-points’ in the Irish market where some customers are encountering difficulties.
The Deputy may also be aware that the Central Bank recently published the first National Claims Information Database (NCID) report on employers' liability (EL), public liability (PL) and commercial property insurance. It showed that while many businesses in Ireland are accessing affordable insurance, some industries are encountering difficulties. This report is a rich source of data which will further enhance the transparency of the sector. My officials are also engaging with the Central Bank to consider what enhancements could be made to further improve transparency in the next iteration of this report, which will prove to be useful in encouraging new entrants to the Irish insurance market.
Finally, I would like to take this opportunity to assure the Deputy that securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key policy priority for this Government. In this regard, it is my intention to work with my Government colleagues to ensure that implementation of the Action Plan can have a positive impact on the affordability and availability of insurance for individuals, businesses, community and voluntary groups across Ireland.