While, under EU law, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups. This includes niche sectors such as buildings with thatched roofs.
The whole-of-Government approach being taken through the Action Plan for Insurance Reform sets out 66 actions which aim to improve both the cost and availability of this key financial service, particularly for businesses. The Second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of these actions are being delivered.
Similarly, since its establishment the Office to Promote Competition in the Insurance Market has held over 70 meetings with key stakeholders, including insurance providers, professional organisations and civic society groups, to understand gaps in the Irish insurance market. As part of the effort to increase competition, the Office is working closely with the IDA to broaden the supply of insurance in the market, including in areas which have been identified as ‘pinch-points’, such as that highlighted by the Deputy. The IDA has commenced a multi-phased engagement process with targeted underwriters and will seek to leverage the developments of the Government insurance reform agenda to date.
Specifically, I have previously raised the issue of thatched roof properties with both Insurance Ireland and Brokers Ireland in meetings with them. Brokers Ireland has informed me that it has a dedicated information service for people having insurance issue with their thatch roof properties and has established a special email address to deal with these queries, which is thatchedroofqueries@brokersireland.ie
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 and that I will continue to work towards this objective with my colleagues.
