Dáil Éireann Debate, Tuesday - 2 May 2017
270. Deputy Brendan Griffin asked the Minister for Finance the timeline for the implementation of the recommendations to reduce motor insurance premiums; the measures which have been implemented to date; the priority of implementation; and if he will make a statement on the matter. [20050/17]
Amharc ar fhreagraThe Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set out in an Action Plan. 45 of these action points are due to be implemented by the end of this year with the remainder scheduled for completion before the conclusion of 2018.
Substantial work has already taken place on the implementation of the recommendations by the relevant Government Departments and Agencies. Examples of completed actions include the establishment of the Personal Injuries Commission in January and the issuing of a key aggregated metrics template to insurance undertakings for completion. There is a commitment within the Report that the Working Group will prepare quarterly reports on its progress and my Department will publish the first report on the implementation of the recommendations in the coming weeks. This report will provide an update on the progress to date on the overall implementation of the Report, with a particular focus on action points which were due for completion in the first quarter of 2017.
Meeting the objective of delivering fairer premiums for consumers without unnecessary delay requires the cooperation and commitment of all relevant bodies and stakeholders. While each Department and Agency has its own set of priorities, my Department has continued to work closely with all of the bodies involved, as well as the insurance industry itself, since the publication of the Report to ensure that all the recommendations are implemented in a timely fashion. The increase in the cost of insurance is a major concern for the Government and as a result, the implementation of the recommendations of the Report of the Cost of Motor Insurance is a priority for it.
