Dáil Éireann Debate, Thursday - 1 February 2024
132. Deputy Ruairí Ó Murchú asked the Minister for Finance to provide an update on the work of the Office for the Promotion of Competition in the Insurance Market, particularly in relation to reducing the cost of public liability insurance; and if he will make a statement on the matter. [4576/24]
Amharc ar fhreagraInsurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. The vast bulk of the actions it contains are now either delivered or initiated. The importance that Government places on this policy area is evidenced by the fact that implementation is overseen by a Cabinet Sub-Group on insurance reform, chaired by the Tánaiste. Nevertheless, this Government is aware that certain groups are currently facing difficulty in terms of affordability and availability of public liability insurance, and has therefore continued to prioritise the delivery of the Action Plan, which will bring benefits to individuals, businesses and households alike.
The establishment of the Office to Promote Competition in the Insurance Market is a Programme for Government commitment. Chaired by Minister Carroll MacNeill, its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants. As part of this, the Office is in regular contact with areas that are experiencing insurance issues. It has become clear that the market is responding positively to the Government reform agenda, with insurance now available in previously difficult areas such as: equestrian activities; inflatable hire; ice-skating; sport clubs; play centres; and SMEs. The Office continues to assist in the connection of various groups experiencing insurance difficulties to relevant stakeholders, and will also maintain its engagement with IDA Ireland to help leverage the ongoing insurance reforms with the objective of targeting new entrants to the Irish market.
In conclusion, I wish to assure the Deputy of the Government’s intention to ensure that the ongoing implementation of the Action Plan for Insurance Reform will continue to ensure the availability and affordability of this key financial service.
