Dáil Éireann Debate, Tuesday - 10 February 2026
191. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance the plans his Department has in 2026 to help reduce the cost of insurance premiums; and if he will make a statement on the matter. [9941/26]
View answerThe Government is firmly committed to addressing the cost of insurance through implementing the reforms set out in the Programme for Government to ensure a fairer, more sustainable and competitive insurance market which delivers tangible improvements in cost, choice, and access for all consumers.
An element is the Office for the Promotion of Competition in the Insurance Market (OPCIM), whose remit is being broadened in line with the Programme for Government, Securing Ireland’s Future. The OPCIM is 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. The Office continues to support the dialogue between insurers, brokers, and representative bodies and has played a significant role in restoring insurance options for sectors that previously faced significant challenges, including equestrian activities, adventure tourism, childcare, inflatable hire, and high-footfall hospitality businesses.
Reforms delivered through the 2020 Action Plan, such as changes to the Duty of Care, enhancements to the Injuries Resolution Board, and the introduction of the Personal Injuries Guidelines, have helped to create more stable and competitive insurance market. These measures have also helped attract new market entrants, including OUTsurance, Revolut, and Managing General Agents, increasing capacity and consumer choice.
The Action Plan for Insurance Reform 2025-2029 sets out further targeted measures to improve affordability, availability, and transparency across the sector. Work is underway to accelerate faster data releases from the National Claims Information Database (NCID), strengthening accountability and supporting fairer pricing. In addition, the development of a Transparency Code for the insurance industry is a priority action with the primary objective of improving fairness, clarity, and accountability across the motor insurance market. When implemented, it will establish clear standards for how insurers and intermediaries present information to customers, ensuring the use of plain English, standardised definitions, and accessible explanations of how premiums are calculated. It will also ensure that consumers can directly receive additional information, upon request, to better understand their own premium.
As the Deputy will be aware, neither I as Tánaiste and Minister for Finance, nor the Central Bank can intervene directly in the pricing or provision of insurance products under the Solvency II EU Directive. Minister of State Troy and officials from my Department engage regularly with the insurance industry to emphasise the Government’s firm expectation that savings arising from the reform agenda are to be passed on to consumers through lower premiums and broader coverage availability.
