Dáil Éireann Debate, Tuesday - 4 April 2017
64. Deputy Bríd Smith asked the Minister for Finance the next steps for the motor insurance industry in view of the recent report on the cost of motor insurance; and if he will make a statement on the matter. [16469/17]
Amharc ar fhreagraThe Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy, published the Report on the Cost of Motor Insurance on 10 January 2017.
The Report addresses 6 priority areas, with 33 recommendations and 71 actions in an Action Plan.
Protecting the consumer
Improving data availability
Improving the personal injuries claims environment
Reducing the costs in the claims process
Reducing insurance fraud and uninsured driving
Promoting road safety and reducing collisions
Substantial work has commenced on the implementation of the recommendations by the relevant Government Departments and Agencies, in partnership with the insurance industry, and I am confident that the Report's 71 action points will be implemented by the end of 2018, with 45 due for completion by the end of this year.
Meeting the objective of delivering fairer premiums for consumers without unnecessary delay requires the cooperation and commitment of all relevant bodies and stakeholders, perhaps none more so than the insurance industry itself. Accordingly, my Department has been working closely with Insurance Ireland since the publication of the Report to ensure that all the recommendations for which the insurance industry holds direct primary responsibility, or where they play a significant relevant role, are implemented on time.
For example, in respect of protecting the consumer, it is proposed that insurance companies will be required to set out reasons for large increases in premiums and provide additional information on the premium breakdown, as well as ensuring policyholders are appropriately informed about claims made against them in a timely manner. Insurance Ireland is also providing important inputs regarding the processes of establishing the various proposed databases in relation to claims information, insurance fraud, and uninsured drivers. Other key recommendations, such as those related to the reduction of costs in the claims process and the work being undertaken by the newly established Personal Injuries Commission, will impact greatly upon the motor insurance industry too.
In line with an undertaking within the Report, the Working Group will prepare quarterly progress reports, commencing for this quarter, and these will be published on the Department of Finance's website.
A preliminary update on actions already underway has been prepared to the Oireachtas Committee.
