359. Deputy Cian O'Callaghan asked the Minister for Finance his plans to assign additional resources, including personnel and funding, to the Office to Promote Competition in the Insurance Market to enable it to deliver on the Government’s commitments in the Action Plan for Insurance Reform to increase competition in the insurance market, with particular reference to the liability insurance sector where there have been no new entrants for over a decade; and if he will make a statement on the matter. [63310/25]

The Government remains committed to addressing the issue of public liability insurance costs through the efforts of the Office for the Promotion of Competition in the Insurance Market. The new Programme For Government - Securing Ireland’s Future calls for the expansion/support of the Office and work is underway to add additional resources. It continues to play an important role in connecting various stakeholders – insurers, brokers, representative groups, among others – and facilitating engagement on issues relating to the availability of insurance across the market. The resourcing of the Office is kept under review.

On 24 July, Government launched its new Action Plan for Insurance Reform. The new Plan includes a comprehensive series of targeted actions aimed at improving affordability, availability and transparency across the insurance sector, including public liability.

There are several priority actions, including actions that place a key focus on the Office and enhancing market competitiveness by proactively engaging with the insurance market to encourage new entrants into the Irish insurance market, which will further boost supply and enhance the availability of insurance.

In his capacity as Chair of the Office to Promote Competition in the Insurance Market, the Minister of State, Deputy 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 offer in particular sectors of the Irish insurance market. 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.

It may interest the Deputy to know that the number of ‘pinch-points’ in the insurance market have also decreased significantly, with insurance now available in previously difficult areas such as: equestrian activities; classic car hire; inflatable hire; leisure activities; sports clubs, play centres and high-footfall SMEs such as pubs. From a high of over 40 identified ‘pinch-points’ in 2021, only three now remain. However, in each of these areas, there is some capacity available.

Recently, OUTsurance, Revolut, Fastnet, Coverys and an influx of managing general agents commenced operations here. In terms of business and commercial insurance, existing providers have 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.

In conclusion, a key focus of the Office will be building upon the last Government reform programme, emphasising the impact of the successful reform agenda and continuing to encourage increased capacity within the Irish market.