SF
Pearse Doherty
Will the Minister of State outline to the House the meetings he has had with insurance stakeholders over the past period?
Dail Éireann · 2022-02-22
Part of Other Questions
2 contributions · 2 speakers · 427 words
25. Deputy Michael Moynihan asked the Minister for Finance if he will detail his meetings with insurance stakeholders since November 2021. [9307/22]
38. Deputy Joe Flaherty asked the Minister for Finance if he will report on his engagement with insurance underwriters and brokers to promote more competition. [9311/22]
64. Deputy Pearse Doherty asked the Minister for Finance the number of meetings he has held with an organisation (details supplied) or insurance undertakings since 24 April 2021 to discuss the personal injuries guidelines and ensuring savings made as a result of the new guidelines are passed onto consumers in the form of reduced premiums; and if he will make a statement on the matter. [9696/22]
As the Deputy will be aware, insurance reform is a key priority for the Government and the establishment of the office to promote competition in the insurance market is a programme for Government commitment. Its twin aims are to expand the risk appetite of existing insurers in the Irish market and explore opportunities for new entrants to help increase the availability of insurance.
The office has engaged with a wide range of stakeholders, including insurance providers, brokers and representative associations since its establishment, holding more than 60 meetings throughout 2021. The need to expand their risk appetite into pinch-point sectors that are experiencing issues with the availability and affordability of cover, particularly high-risk and high-footfall areas such as leisure activities, was impressed upon the providers at our engagements.
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Will the Minister of State outline to the House the meetings he has had with insurance stakeholders over the past period?
I propose to take Questions Nos. 25, 38 and 64 together.
As the Deputy will be aware, insurance reform is a key priority for the Government and the establishment of the office to promote competition in the insurance market is a programme for Government commitment. The office, which I chair, is positioned within the Department of Finance. Its twin aims are to expand the risk appetite of existing insurers in the Irish market and explore opportunities for new entrants to help increase the availability of insurance.
The office has engaged with a wide range of stakeholders, including insurance providers, brokers and representative associations since its establishment, holding more than 60 meetings throughout 2021.
As part of this, I held a series of meetings with the chief executive officers of the major insurance providers in Ireland in late 2021. The industry confirmed that it is committed to passing on the savings from the new personal injury guidelines and other reforms to customers. It also restated its support for the reform agenda and that it is adhering to the lower award levels established by the guidelines in direct settlements with their clients. The need to expand their risk appetite into pinch-point sectors that are experiencing issues with the availability and affordability of cover, particularly high-risk and high-footfall areas such as leisure activities, was impressed upon the providers at our engagements.
I have met with Insurance Ireland, Brokers Ireland, the Alliance for Insurance Reform and other groups on a number of occasions to discuss a range of issues, most particularly the capacity pinch-points in the market. I met them collectively as a group before Christmas and in January. I plan to meet them again. I am pleased to note that some sectors that were on the list of pinch-points and which had been experiencing difficulty, such as equestrian centres and tourism sectors, have arrived at solutions via the formation of group schemes which have, to some extent, alleviated these problems.
Finally, it is important to point out that a number of legal cases and judicial reviews have been launched in relation to the role of the Judicial Council and the Personal Injuries Assessment Board in the context of the personal injuries guidelines. It is vital that these challenges are resolved as early as possible in order to give clarity to stakeholders and ensure the impact of the guidelines can start to be fully felt by business and individuals alike.