Dáil Éireann Debate, Tuesday - 28 July 2026
838. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance to provide an assessment of the State's ability at attracting more companies offering public liability insurance into the market to ensure savings for policy holders; and if he will make a statement on the matter. [59235/26]
Amharc ar fhreagraA central objective of the Government’s insurance reform programme is to create an environment that encourages greater competition, supports existing insurers to expand their activities, and attracts new providers to enter the Irish market. While premium levels are influenced by wider factors such as claims costs, reinsurance costs, inflation and wider international market conditions, increased competition will support enhanced choice and value for policyholders.
The Government remains committed to addressing the issue of public liability insurance costs through the Government’s Action Plan for Insurance Reform 2025-2029: A Stronger Market, A Fairer Future includes a range of measures designed to improve the availability and affordability of insurance. These actions focus on strengthening market competitiveness, increasing transparency and streamlining processes for new market entrants. By fostering a more dynamic insurance sector, the Government aims to provide consumers and businesses with greater choice and better value.
A key element of this approach is the Office for the Promotion of Competition in the Insurance Market (OPCIM), whose remit has been expanded in line with commitments in the Programme for Government, Securing Ireland’s Future. Working closely with the Department of Enterprise, Tourism and Employment and IDA Ireland, the OPCIM seeks to attract international insurers to Ireland, helping to broaden the supply of insurance products, diversify risk appetite, and support more competitive pricing.
In his capacity as Chair of the Office to Promote Competition in the Insurance Market, Minister of State Troy engages on an ongoing basis with insurance companies and brokers to ensure that reforms result in increased competition and availability of cover for businesses. These engagements provide an opportunity to highlight to the wider insurance industry the positive impact of the Government’s reform agenda - general and in particular sectors of the Irish insurance market that have previously faced significant challenges, including childcare, adventure tourism, equestrian activities, and high-footfall hospitality businesses. In terms of business and commercial insurance, existing providers have also indicated that they are expanding their risk appetite to underserved areas and various sectors are reporting reductions in the rate being charged for liability cover.
While market entry and pricing decisions remain commercial matters for insurers, the Government continues to engage effectively with industry and regulators to ensure Ireland remains an attractive and competitive insurance market.
