Dáil Éireann Debate, Tuesday - 23 November 2021
248. Deputy Jennifer Murnane O'Connor asked the Minister for Finance if his attention has been drawn to the fact that hunting and point to point racing have seen their insurance options eliminated; his plans to address this issue; if the action plan for insurance reform has been completed; and if he will make a statement on the matter. [57378/21]
View answerAt the outset, it is important to note 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 prohibits Member States from intervening.
Nonetheless, this Government recognises the fact that a number of high-risk activity sectors, including equestrian pursuits, are facing difficulty in terms of affordability and availability of insurance. It has therefore prioritised the implementation of the Action Plan for Insurance Reform. As the Deputy may be aware, the first Action Plan Implementation Report, which was published in July, shows that significant progress has been made: 34 of the 66 actions contained therein have now been 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 and it is my hope that this trend will result in lower costs for businesses. 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 met last week with the CEO’s of main insurance companies operating in Ireland, and he stressed the need for them to reduce premiums and increase their risk appetite to offer cover in new or neglected areas.
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. As part of that, action on insurance reform is being driven forward at the highest level. As the Deputy may be aware, the Cabinet Committee on Insurance Reform is tasked with overseeing the implementation of the Action Plan and is chaired by the Tánaiste. Work remains ongoing on a whole-of Government basis to ensure the timely implementation of the remaining elements of the Action plan. Of particular relevance is the fact that the Minister for Justice has signalled her intention to bring forward legislative changes to the duty of care. It is understood that these are at an advanced stage and it is hoped that they will have a significant impact on the issue of 'slips, trips and falls', which will significantly assist the sporting and outdoor activity sector as a whole.
Finally, I would like to note that it is my intention to continue to work with my Government colleagues and ensure that the implementation of the Action Plan will continue to have a positive impact on the affordability and availability of insurance for all individuals, businesses and community groups across the country.
