John Lahart
Question:69. Deputy John Lahart asked the Minister for Finance if an update will be provided on the work of the Office to Promote Competition in the Insurance Market since its establishment. [9495/22]
View answerTuesday, 22 February 2022
Questions (69)
Written answers
Insurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reform is overseen by the Cabinet Sub-Group on insurance reform, chaired by the Tánaiste.
The establishment of the Office to Promote Competition in the Insurance Market is a Programme for Government commitment. This Office is situated within the Department of Finance and is chaired by Minister of State Fleming. 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.
Since its establishment, the Office has had over 60 meetings with a range of stakeholders, including insurance companies and representative organisations, on issues surrounding competition. Of recent significance, in late 2021 Minister Fleming met with the CEOs of the major insurance providers in Ireland, who have confirmed that they are committed to passing on savings from the new Personal Injury Guidelines, and other reforms, to customers. They also reiterated their support for the reform agenda and that they are adhering to the Guidelines in direct settlements with their clients.
Furthermore, the Office has also cooperated with the Central Bank to create a databank for new market entrants, which was launched on 8 February. This databank is anticipated to be an additional source of information for insurance providers who are considering entering the Irish market, as it provides quick access to key sources of information on insurance in Ireland, and sets out the high-quality work being done in data collection by the Central Bank, such as the National Claims Information Database (NCID). In addition, the Office is also actively working with IDA Ireland to help leverage the ongoing insurance reforms with the aim of targeting new entrants to the Irish market, or persuading current incumbents to expand their existing operations here.
In conclusion, 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 work with my Government colleagues to ensure implementation of the Action Plan which should have a positive impact on the affordability and availability of insurance for all consumers.