Dáil Éireann Debate, Thursday - 18 December 2025
355. Deputy Pádraig O'Sullivan asked the Tánaiste and Minister for Finance the steps being taken to address rising insurance premiums for consumers; and if he will make a statement on the matter. [69456/25]
Amharc ar fhreagraWhile neither I as Tánaiste and Minister for Finance, nor the Central Bank, can intervene directly in pricing under EU Solvency II rules, ensuring that consumers have access to affordable insurance cover is a key priority for this Government.
Considerable progress in this area has already been made. A significant number of reforms were delivered under the 2020 Action Plan for Insurance Reform that have contributed to stabilising the market, including the introduction of the Personal Injuries Guidelines, rebalancing of the duty of care, and legislative enhancements to the Injuries Resolution Board.
Together, these steps have helped reduce claims costs, improve consistency in personal injury awards, and create a more predictable environment for insurers. They have also supported the entry of new providers into the market and encouraged existing companies to broaden their risk appetite.
The new Action Plan for Insurance Reform, launched on 24 July, sets out a comprehensive set of targeted measures to further improve affordability, availability, and transparency across the insurance sector. Among the priority actions is a strong emphasis on enhancing market competitiveness by engaging directly with the international insurance market to attract new providers to Ireland. This approach aims to expand supply, drive greater competition, and reduce cost.
The Office to Promote Competition in the Insurance Market (OPCIM) also continues to play a central role in enhancing competition to address rising premiums. Taking account of the Programme for Government commitments, the Office remains important in promoting competition and in identifying opportunities to attract additional providers.
Securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key priority, with the goal of enhancing affordability and availability for consumers across all types of insurance.
