Vol. 561 No. 4
146 Mr. Deasy asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the grave concerns of community and sporting facilities in relation to the increased insurance costs which will put severe financial pressure on the facilities in question; and if she will make a statement on the matter. [4528/03]
I am aware of the high cost of insurance in the State and I am concerned about the difficulties this is causing generally, including for various types of community and sporting facilities.
On 25 October last, I announced my programme for fundamental insurance reform. The programme reflects the commitments given in An Agreed Programme for Government and comprises a comprehensive set of inter-related measures designed to improve the functioning of the Irish insurance market. The key measures include: establishment of a ministerial committee, chaired by myself, to oversee implementation of the reform programme, including the 67 recommendations in the Motor Insurance Advisory Board, MIAB, report; publication of the action plan to give effect to the MIAB recommendations within a target time frame; establishment of the personal injuries assessment board, PIAB, on an interim basis, pending preparation of the necessary legislation to put the PIAB on a statutory footing; publication of the report of the implementation group on the PIAB.
The pricing and underwriting of insurance is a matter for individual insurance companies and EU law prevents me from intervening directly in the matter. However, there is an onus on the insurance industry to ensure that the reforms to be taken will have the effect of significantly reducing the cost of premia to consumers. I am committed to bringing about improvements in the functioning of the Irish insurance market. My Department, in conjunction with the Competition Authority, finalised terms of reference last December for a study being undertaken into the competitiveness of the Irish insurance market. The terms of reference are available at www.entemp.ie and www.tca.ie. The study will identify and analyse barriers to entry and limitations on rivalry in the insurance marketplace.
