The Government believes that it is important that consumers and businesses can obtain insurance cover at a reasonable and fair price.
The cost of insurance is an issue of concern for consumers, businesses and community groups.
The Minister for Finance established the Cost of Insurance Working Group in 2016 to examine the factors contributing to the increasing cost of insurance and identifying what measures can be introduced to help reduce this cost, while maintaining a financially stable insurance sector.
The Personal Injuries Commission was established following a recommendation in the Cost of Insurance Working Group Report on the Cost of Motor Insurance published in January 2017.
I was pleased to submit the Second and Final Report of the Personal Injuries Commission to Government on the 18th September 2018. The publication of this Report now concludes the challenging work programme of the Personal Injuries Commission since its establishment in January 2017.
The Report makes ten recommendations, the implementation of which will be a matter for each of the bodies responsible. While the recommendations are not time-bound due to the nature of them, it is expected that they will be acted upon by the bodies responsible as soon as possible.
In this regard, I have written to relevant Government colleagues, the Minister for Justice and Equality and the Minister for Health, and other organisations including Insurance Ireland – the representative body for the Irish general insurance, health insurance, life assurance, reinsurance and captive management sectors; the Garda Commissioner; The Law Society; The Council of the Bar of Ireland; and the Law Reform Commission, seeking co-operation in advancing the implementation of the recommendations relevant to them.
The Personal Injuries Commission has made a total of 14 recommendations across its two reports, which are aimed at positively impacting the overall Irish claims environment.
In parallel with the work on advancing the implementation of the 10 recommendations of the Second and Final Report of the Personal Injuries Commission, work is also progressing on implementing the 4 recommendations of the First Report of the Personal Injuries Commission.
The Second and Final Report of the Personal Injuries Commission provides an update on the implementation of these recommendations from the First Report.
As the Personal Injuries Commission was established following a recommendation in the Cost of Insurance Working Group Report on the Cost of Motor Insurance published in January 2017, it is intended that further progress on implementation will be monitored and published through the Cost of Insurance Working Group Quarterly Progress Reports published by my colleague Minister of State Michael D’Arcy.
I believe that the cumulative effects of the implementation of all the recommendations from the two reports of the Personal Injuries Commission, alongside the reports of the Cost of Insurance Working Group, should include increased stability in the pricing of insurance for consumers and businesses and improved availability of insurance generally.