The government has now opened a public consultation seeking views on the development of a new action plan for insurance reform, which will cover the period from 2025 to 2029, according to the Irish Legal News.
The consultation will run for three weeks and is open to individuals and organisations with an interest in the sector. The government has said it is particularly interested in hearing from consumers, representative groups and those working within the insurance industry.
While the earlier reforms delivered structural changes and improvements in competition, some sectors continue to report challenges with the availability and affordability of insurance. Government ministers have said further work is needed to ensure that the benefits of reform are fully passed on to consumers and businesses.
The first insurance reform action plan, published in 2020, introduced personal injuries guidelines and led to the restructuring of what is now known as the Injuries Resolution Board. These measures aimed to increase transparency, address regulatory challenges and stabilise the insurance market.
Launching the consultation, Robert Troy, minister of state with responsibility for financial services, credit unions and insurance, said a key focus of the new action plan would be to promote competition in the market, enhance transparency and work with stakeholders, including insurers, to improve affordability across all types of insurance. He said: “Further action to drive down insurance costs impacting households, motorists and businesses is required, ensuring customers are paying a fair price for their insurance premium.”
Troy added that insurance reform remains a top government priority and encouraged all interested parties to contribute to the consultation, which he said represented an opportunity to help shape the future of insurance in Ireland.
Finance minister Paschal Donohoe also welcomed the consultation, describing the 2020 action plan as having achieved important outcomes, including the rebalancing of the duty of care, reforms to the Injuries Resolution Board and the introduction of personal injuries guidelines. Donohoe said these measures had supported market stability and greater competition but acknowledged that issues remain.
He said the government is committed to further reforms aimed at ensuring fairer pricing, a more competitive market and a sustainable insurance system for consumers, businesses and insurers. Donohoe encouraged individuals and organisations to participate in the consultation, stating that their insights would help inform the next phase of insurance reform.
