215. Deputy Seán Ó Fearghaíl asked the Tánaiste and Minister for Finance the key measures taken under the remit of his Department to control insurance costs since January 2025; his priorities for same for the rest of 2026; and if he will make a statement on the matter. [53500/26]

The Action Plan for Insurance Reform 2025-2029, launched in July 2025, sets out a comprehensive set of targeted measures aimed at reducing insurance costs and further improving affordability, availability, and transparency across the insurance sector.

The latest CSO data for June 2026 confirms that motor insurance premiums have been gradually decreasing since October 2025 and are down 3.3% year on year and are now 36.3% lower than their peak in July of 2016. This demonstrates that the Governments reforms are having a tangible impact on the cost of insurance.

The introduction of the Motor Transparency Code in March 2026, will enhance transparency and consumer understanding of how motor insurance premiums are calculated and communicated. Implementation is currently underway on a phased basis and policyholders will begin to see the benefits of the Code, in quotation and renewal documentation from Q3 2026 onwards.

Enhancing market competitiveness by engaging directly with the international insurance market to attract new providers to Ireland will expand supply, drive greater competition, and reduce cost. The Office to Promote Competition in the Insurance Market (OPCIM) continues to play a key role in strengthening competition within the insurance sector and addressing cost pressures. With its mandate expanded under the Programme for Government, the Office remains central to efforts to promote a more competitive market and to identify opportunities to attract additional insurance providers to Ireland. In support of these objectives,

Another key priority is to strengthen the powers and remit of the Injuries Resolution Board (IRB). The Board’s recently published 2025 Annual Report underscores its significant contribution to insurance reform, supporting the Government’s wider competitiveness and productivity agenda, and remaining the fastest and most cost-effective method for resolving claims. In 2025, the IRB delivered €88 million in savings through avoided legal costs, helping to alleviate cost pressures for businesses and consumers.

With regard to other measures, the National Claims Information Database (NCID) is also releasing reports more frequently, and the Central Bank of Ireland is progressing further actions to enhance the utilisation of NCID data to support further transparency.

Government will continue to prioritise improvements in the cost and availability of insurance by advancing the reforms set out in the Programme for Government and the Action Plan for Insurance Reform 2025–2029.