Neale Richmond
Ceist:405. Deputy Neale Richmond asked the Minister for Finance the steps that he is taking to reduce the costs of insurance to childcare facilities; and if he will make a statement on the matter. [30429/22]
Amharc ar fhreagraTuesday, 14 June 2022
Ceisteanna (405)
Freagraí scríofa
At the outset it is important to note that neither I, nor the Central Bank of Ireland can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so.
Nonetheless, this Government recognises the concerns felt by many groups, including the childcare sector, regarding the cost and availability of insurance, and has therefore prioritised insurance reform. As the Deputy may be aware, the Government recently published the second Action Plan for Insurance Reform Implementation Report, which shows that work is progressing well to implement these important reforms, with 80% of the actions already being delivered.
I believe this Government has taken the right approach in addressing the issue of availability and affordability of insurance in Ireland. By way of indication that the industry is responding positively to the reform agenda, I understand that in the complementary play centre sector an additional provider has recently expanded its existing product line and now offers group insurance. This may prompt other firms to expand their product range and cover. In addition, Cabinet recently approved proposals to overhaul the duty of care to address issues associated with ‘slips, trips and falls’, which predominate in footfall-heavy sectors such as childcare. I am hopeful that these developments will, by building upon the momentum of the insurance reform agenda, have further positive impacts on the insurance market.
Finally, I wish to assure the Deputy that it is my intention to work with my Government colleagues to ensure that implementation of the remaining elements Action Plan can have a positive impact on the affordability and availability of insurance across all sectors in the economy including childcare sector.