Dáil Éireann Debate, Tuesday - 1 February 2022
282. Deputy Sorca Clarke asked the Minister for Finance if an office has been established within Government tasked with encouraging greater competition in the Irish insurance market as outlined in the programme for Government; and if he will make a statement on the matter. [5152/22]
View answerInsurance reform is a key priority for this Government. As the Deputy is aware, we have established the Cabinet Committee Sub-Group on Insurance Reform, chaired by the Tánaiste, which is overseeing the implementation of the Action Plan for Insurance Reform. This ambitious plan sets out 66 actions to help bring down the cost of insurance; introduce more competition into the market; prevent fraud, thus benefitting consumers, the business community and voluntary organisations.
A significant achievement of the Action Plan is the establishment of the Office to Promote Competition in the Insurance Market. This Office, which is chaired by Minister of State Fleming, operates within the Department of Finance. Its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance. In relation to this, the Office is working with IDA Ireland to help leverage the ongoing insurance reforms with the aim of targeting new entrants to the Irish market or encouraging current incumbents to expand into underserved areas. Since its establishment, the Office has held over 60 meetings with a wide range of stakeholders including insurance companies, voluntary groups and representative bodies on issues surrounding competition. Minister Fleming also recently met with the CEOs of the major insurance providers in Ireland, and they have confirmed that they are passing on savings achieved as a result of Government reforms to customers.
Through initiatives such as the Action Plan, this Government is committed to securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland. In this regard, it is my intention to continue working with my Government colleagues to ensure the timely implementation of the Action Plan, which will bring benefits to the wider economy and society.
