Dáil Éireann Debate, Thursday - 28 January 2021
46. Deputy Eoghan Murphy asked the Minister for Finance if his Department has had engagement with the insurance sector regarding the availability of travel insurance for citizens that have received a Covid-19 vaccine. [4659/21]
Amharc ar fhreagraThe Deputy will appreciate that the decision of an insurer to provide travel insurance is a commercial one based on the level of risk that it is willing to take. Neither I, nor the Central Bank of Ireland, have any influence over the pricing of insurance products, nor can we compel any firm operating in the Irish market to provide cover to individual consumers. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from adopting rules, which require insurance companies to obtain prior approval of the pricing or terms and conditions of their products.
In relation to Covid-19 and travel insurance, industry representatives Insurance Ireland advise customers to check their policy documents as the scope of the cover can vary. Generally, it notes that some policies provide cover for non-refundable cancellation costs where there is a government directive prohibiting travel. Others include an optional travel disruption extension. It should be noted however, that these policies were generally sold prior to mid-March 2020. Travel policies sold subsequently generally do not cover cancellation costs arising from Covid-19.
Currently, the Government strongly advises against all non-essential travel overseas, and I understand that there are no exemptions in place for those travelling to Ireland who have received a Covid-19 vaccine. I am aware that there is a wider debate at EU level on whether citizens who have received the Covid-19 vaccine should be able to travel more freely later this year. How this discussion interacts with the provision of travel insurance is likely to depend on a number of complex factors, including the travel advice that is provided at that time.
Finally, I would note that the recently published Action Plan for Insurance Reform includes commitments in relation to engaging with the industry on its COVID-19 customer response. I believe that this is an issue that will be monitored as the situation becomes clearer with the rollout of the National Vaccine Programme in Ireland and developments further afield.
