Dáil Éireann Debate, Wednesday - 24 November 2021
64. Deputy James O'Connor asked the Minister for Finance the position regarding insurance for outdoor equestrian pursuits, including horse racing and point-to-point racing; if there are other insurance companies in the market willing to provide cover for same; and if he will make a statement on the matter. [57797/21]
Amharc ar fhreagraIt is important to point out that neither I nor the Central Bank have any role in the pricing or provision of insurance products, and that this is a commercial matter which individual providers assess on a case-by-case basis. Government cannot instruct a company to provide insurance cover in any circumstance; this position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which prohibits Member States from intervening in such a manner.
Nevertheless, the Government recognises the fact that a number of outdoor/high-footfall activity sectors, including equestrian pursuits, are facing difficulty in terms of affordability and availability of insurance. It has therefore prioritised the implementation of the Action Plan for Insurance Reform . The first Action Plan Implementation Report, which was published in July, shows that tangible progress has been made, with 34 of the 66 actions contained in the Action Plan having been completed.
One of the key achievements in the first half of this year was the implementation of the Personal Injuries Guidelines some six months ahead of schedule. Early data from the Personal Injuries Assessment Board (PIAB) shows that since the commencement of the new Guidelines award levels have reduced by an average of 40%. This is an encouraging development and it is my hope that this trend will result in lower costs for businesses. As the insurance reform agenda progresses, we will continue to hold the industry to account on its commitments to pass on savings from the Guidelines, and other elements of the reforms, to customers. Minister of State Fleming met last week with the CEO’s of main insurance companies operating in Ireland, and he impressed upon them the need to both reduce premiums and increase their risk appetite to offer cover in new or underserved areas.
As the Deputy may be aware, the Cabinet Committee on Insurance Reform is tasked with overseeing the implementation of the Action Plan and is chaired by the Tánaiste. Work remains ongoing on a whole-of Government basis to ensure the timely implementation of the remaining elements of the Action plan. Of particular relevance is the fact that the Minister for Justice has signalled her intention to bring forward legislative changes to the duty of care. It is understood that these are at an advanced stage and it is hoped that they will have a significant impact on the issue of ‘slips, trips and falls’, which will significantly assist the sporting and outdoor activity sector as a whole.
Securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key policy priority for this Government. Therefore I would like to emphasise that it is my intention to continue to work with my Government colleagues and ensure that the implementation of the Action Plan will continue to have a positive impact on the affordability and availability of insurance for all individuals, businesses and community groups across the country.
