I welcome the decision by the Tánaiste to extend the work of the Cabinet Sub Group on Insurance Reform into 2022, announced on the publication of the Action Plan for Insurance Reform.
Key reforms have not been completed so it is critical that the Cabinet Sub-Group keep working and see this issue through by delivering affordable insurance premiums.
There are serious concerns expressed by the Insurance Alliance that the key outstanding reforms, on rebalancing the duty of care, reforming the Personal Injuries Assessment Board, and resolving the national claims database, all of which are well behind schedule, do not have revised, specific timelines attached to them.
“The Office to Promote Competition in the Insurance Market it is in operation since December 2020, but it has yet to deliver meaningful additional competition. Premiums are not reducing. It is up to Government to ensure more competition is brought into the Irish insurance market now and that no business is left without a competitive insurance premium”.