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Insurance Industry

Dáil Éireann Debate, Thursday - 28 April 2022

Thursday, 28 April 2022

Ceisteanna (14, 23, 52)

Mairéad Farrell

Ceist:

14. Deputy Mairéad Farrell asked the Minister for Finance the status of the work of the Office to Promote Competition in the Insurance Market since its establishment; its terms of reference and objectives; the number of engagements it has had with stakeholders; and the success to date in promoting competition in and attracting new entrants to the insurance market. [21486/22]

Amharc ar fhreagra

Michael Moynihan

Ceist:

23. Deputy Michael Moynihan asked the Minister for Finance the details of his work to increase competition in the Irish insurance market; and if he will make a statement on the matter. [20520/22]

Amharc ar fhreagra

Willie O'Dea

Ceist:

52. Deputy Willie O'Dea asked the Minister for Finance if he will report on the work of the Office to Promote Competition in the insurance market; and if he will make a statement on the matter. [20566/22]

Amharc ar fhreagra

Freagraí scríofa

I propose to take Questions Nos. 14, 23 and 52 together.

Insurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reform is overseen by the Cabinet Sub-Group on insurance reform. The second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of the actions contained therein are now been delivered.

The establishment of the Office to Promote Competition in the Insurance Market, which I chair, is a Programme for Government commitment. Its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance. The Terms of Reference are available on the Office’s web page.

Since its establishment, the Office has held over 70 meetings with a range of stakeholders, including insurance companies and representative organisations. During 2021, I met with the CEOs of the major insurance providers in Ireland twice, who confirmed that they are committed to passing on savings from the new Personal Injury Guidelines, and other reforms, to customers. They also reiterated their support for the reform agenda and that they are adhering to the Guidelines in direct settlements with their clients.

The Office has also cooperated with the Central Bank of Ireland to create a databank for new market entrants, which was launched on 8 February. This databank is an additional source of information for insurance providers who are considering entering the Irish market, as it provides ‘one-stop’ access to key sources of information on insurance in Ireland, and showcases the high-quality work being done in data collection by the Central Bank of Ireland, such as the National Claims Information Database (NCID). In addition, the Office is actively working with IDA Ireland to help leverage the ongoing insurance reforms with the aim of targeting new entrants to the Irish market, or persuading current incumbents to expand their existing operations here.

I wish to assure the Deputies of my intention to work with my Government colleagues to ensure further implementation of the Action Plan which should have a positive impact on the affordability and availability of insurance for all consumers.

Question No. 15 answered orally.
Question No. 16 answered with Question No. 11.
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