Dáil Éireann Debate, Tuesday - 30 November 2021
207. Deputy Brendan Griffin asked the Minister for Finance if his Department will engage with a company (details supplied) who are currently examining the possibility of providing insurance cover to mounted hunt clubs following the exit from the market by all other insurers; and if he will make a statement on the matter. [59079/21]
Amharc ar fhreagraI note that the details supplied by the Deputy refers to a specific company. While I understand the concerns felt by many groups, including the one highlighted by the Deputy, around the cost and availability of insurance cover, he will appreciate that, as Minister for Finance, I am not in a position to comment on an individual commercial entity.
Likewise, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, or have the power to direct insurance companies to provide cover to specific individuals or businesses. This position is reinforced by the EU Solvency II Directive insurance framework.
Nevertheless, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups. In this regard, the Action Plan for Insurance Reform sets out 66 actions across a number of policy areas. As the Deputy may be aware, the first Action Plan Implementation Report, which was published in July, shows that significant progress has been made, with 34 of the 66 actions contained in the Action Plan now completed. Of note is the implementation of new Personal Injury Guidelines, which substantially reduce award levels for a range of personal injury categories, and has resulted in an average reduction of 40% in award values via the Personal Injuries Assessment Board (PIAB). It is Government’s hope that this will result in lower insurance costs for both individuals and businesses, and provide relief to sectors such as those highlighted by the Deputy.
Another notable achievement is the creation of the Office to Promote Competition in the Insurance Market within the Department of Finance. The Office, which is chaired by Minister of State Fleming, continues to engage with a wide range of stakeholders, including the insurance industry, on a regular basis. In his recent meetings with insurance CEOs, Minister Fleming stressed the need for providers to reduce premiums and increase their risk appetite to provide cover in new areas. Some providers have noted that they are considering expanding their footprint in the insurance market, including potentially in high-risk activity sectors. I will continue to monitor this.
Finally, I would like to assure the Deputy that 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. In this regard, it is my intention to work with my Government colleagues to ensure that the implementation of the Action Plan can continue to have a positive impact on the affordability and availability of insurance for all individuals, businesses and community groups across the country.
