Dáil Éireann Debate, Thursday - 14 July 2022
289. Deputy Ruairí Ó Murchú asked the Minister for Finance if he will provide an update on the work of the Office for the Promotion of Competition in the Insurance Market; and if he will make a statement on the matter. [39167/22]
View answerInsurance 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. The second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of the actions contained in the Action Plan are now being delivered.
The establishment of the Office to Promote Competition in the Insurance Market, which is chaired by Minister of State Fleming, is a Programme for Government commitment. 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 that regard, the Office is working closely 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 90 meetings with a wide range of stakeholders including insurance companies, voluntary groups and representative bodies on issues surrounding competition. Minister Fleming also 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. The Office has also cooperated with the Central Bank to create a databank for new market entrants, which was launched on 8 February 2022. This databank is an additional source of information for insurance providers who are considering entering the Irish market, as it provides ‘one-stop’ access to key sources of information on insurance in Ireland, and showcases the high-quality work being done in data collection by the Central Bank, such as the National Claims Information Database (NCID).
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.
