Dáil Éireann Debate, Tuesday - 16 November 2021
209. Deputy Joe Carey asked the Minister for Finance the plans he has to tackle the extraordinary issues being encountered by county hunts in securing insurance to host point-to-point meetings (details supplied); and if he will make a statement on the matter. [55476/21]
View answerAt first, I wish to assure the Deputy that I am aware of issues a number of equestrian activities have in terms of accessing insurance. However, the Deputy will appreciate that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which specifically prohibits Member States from doing so.
Nonetheless, in order to address issues of cost and availability of insurance, the Government has prioritised the implementation of the Action Plan for Insurance Reform. The first Action Plan Implementation Report published in July, shows that significant progress has been made, with 34 of the 66 actions contained therein now completed.
One of the key achievements in the first half of this year was the implementation of the Personal Injuries Guidelines some six months ahead of schedule. Early data from the Personal Injuries Assessment Board (PIAB) shows that since the commencement of the new Guidelines award levels have reduced by an average of 40%. This is an encouraging development; it is my hope that this trend will continue and result in lower costs for insurance cover. As the insurance reform agenda progresses, we will continue to hold the industry to account on its commitments to pass on savings from the Guidelines, and other elements of the reforms, to customers. Minister of State Fleming, in his ongoing engagement with the sector, has emphasised the need for insurance providers to reduce premiums and increase their risk appetite to provide cover in new areas. He will be meeting with the major insurance providers this week to reinforce this message. A further element of the Action Plan with particular relevance to these outdoor and equestrian activities involves reviewing the Duty of Care. The Minister for Justice, who is leading on this action, has noted to Government her intention to bring forward legislative proposals to reform the law in this area. My officials understand from Department of Justice officials that these proposals are at an advanced stage.
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 the implementation of the Action Plan can continue to have a positive impact on the affordability and availability of insurance for all individuals, businesses and community groups across the country, including for leisure, sporting and outdoor activities.
