Public consultation on insurance reform launched by Minister of State Troy and Minister Donohoe
- Foilsithe:
- An t-eolas is déanaí:
Minister of State Robert Troy and Minister Paschal Donohoe have today launched the public consultation phase to support the Action Plan on Insurance Reform. The Programme for Government includes a commitment to develop a new Action Plan for Insurance Reform, with a focus on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance.
The consultation will be open to submissions for three weeks and is open to all those with an interest in the future direction of insurance in Ireland. The Government is particularly keen to hear from consumers, representative groups, and those operating in the insurance industry. Feedback gathered during the consultation will help inform, shape and enhance the next phase of the Government’s insurance reform commitment.
Announcing the launch of the public consultation, Minister of State at the Department Finance with responsibility for Financial Services, Credit Unions, and Insurance Robert Troy TD said:
“I am delighted to launch the public consultation phase of the new Action Plan for Insurance Reform. Despite significant progress, some sectors still face issues with affordability and availability of insurance, and the benefits of reform have not been fully passed on to consumers and businesses. Further action to drive down insurance costs impacting households, motorists and businesses is required, ensuring customers are paying a fair price for their insurance premium. A key focus of the new Action Plan will be prioritising further competition in the market and working with stakeholders, including insurers, to enhance transparency and promote affordability across all types of insurance.
We now have an opportunity to further shape the future of insurance in this country and I would encourage any interested individual or organisation to make a submission and ensure their views are considered in the development of the new Action Plan. Insurance reform is a top priority for both myself and this Government, and I look forward to the outcome of this public consultation.”
Minister for Finance, Paschal Donohoe said:
“I welcome the launch of the public consultation for the new Action Plan for Insurance Reform. The previous Action Plan, published in 2020, delivered significant achievements, most notably the rebalancing of the Duty of Care, reforming the Injuries Resolution Board and the introduction of new Personal Injuries Guidelines. This led to significant progress in stabilising the insurance market, improving competition, and addressing key regulatory challenges.
However, issues remain, and the Government is committed to further reforms that will ensure fairer pricing, enhanced competition, and a more sustainable insurance market for consumers, businesses, and insurers alike. I encourage all interested individuals to make a submission to this consultation. The insights gained will be crucial in shaping the next Action Plan for Insurance Reform, ensuring it is informed by those who interact with the insurance sector directly.”
ENDS
Notes to editors:
The 2020 Action Plan for Insurance Reform successfully demonstrated the value of an all-of-Government approach, led by the Cabinet Subgroup on Insurance Reform, to reduce the cost and increase the provision of insurance, improving competition and affordability. Key achievements included rebalancing of the Duty of Care; Reform of the Injuries Resolution Board; Introduction of the Personal Injuries Guidelines; Enhancement of the National Claims Information Database (NCID); and Increasing Competition in the Insurance Market.
The Programme for Government: Securing Ireland’s Future commits to publish a new Action Plan for Insurance Reform. The Plan’s implementation will be supported by re-establishing a Cabinet Committee Sub-Group on Insurance Reform to ensure that insurance issues continue to receive a high level of focus and cross-government coordination. The membership of the Sub-Group, chaired by the Tánaiste, will include the Ministers for Finance; Public Expenditure, Infrastructure and Public Service Reform and Digitalisation; Justice, Home Affairs and Migration; Enterprise, Tourism and Employment; the Minister of State at the Department of Finance with responsibility for Financial Services, Credit Unions and Insurance; and the Minister of State at the Department of Enterprise, Tourism and Employment with responsibility for Trade Promotion, Artificial Intelligence and Digital Transformation.