Dáil Éireann Debate, Thursday - 18 December 2025
374. Deputy Seán Ó Fearghaíl asked the Tánaiste and Minister for Finance the key measures taken under the remit of his Department to control insurance costs during 2025; his priorities for 2026; and if he will make a statement on the matter. [73583/25]
View answerNeither I, as Tánaiste and Minister for Finance, nor the Central Bank, can intervene directly in pricing of insurance under the Solvency II Directive. However, ensuring that consumers have access to affordable insurance cover is a key priority for this Government.
A key development in addressing the cost of insurance in 2025 was the publication of the new Action Plan for Insurance Reform 2025-2029 in July 2025. The plan sets out twenty-six actions being led across a number of Departments to address transparency, affordability and availability of insurance. There are ten priority actions and of these priority actions, one has been completed, and the remaining nine actions are currently on track to be completed within their respective timeframes.
My Department, through the Office to Promote Competition in the Insurance Market (OPCIM), also continues to prioritise increased competition and capacity across the insurance sector. The OPCIM plays an important role in engaging with insurers, brokers and a wide range of sectoral representatives to address gaps in insurance availability and encourage new market entrants. These efforts have led to a significant reduction in the number of insurance “pinch-points” faced by consumers and businesses. The OPCIM is also working closely with IDA Ireland to attract new international insurers to the Irish market. This work helps to broaden the supply base, diversify risk appetite and encourage more competitive pricing.
Priorities being led by my Department in relation to the Action Plan for Insurance Reform in 2026 include the publication and implementation of a Transparency Code for the insurance industry, progressing the Central Bank Amendment Bill 2025, a review of the price walking ban and actions relating to the affordability and availability of flood insurance.
The Government remains fully committed to the continued reform of the insurance sector and will continue to monitor the progress of measures to reduce the cost of insurance via the Cabinet Sub Group on Insurance Reform and work to secure a fair and transparent insurance market in Ireland.
