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RTÉ News
6 days ago
- Business
- RTÉ News
Government launches plan to bring down insurance costs
Improving pricing transparency and giving the Injuries Resolution Board (IRB) more powers are among the main measures outlined by the Government to bring down insurance costs in the latest action plan on insurance reform. The plan, launched today, runs until 2029 and contains a total of 26 actions to bring down insurance costs, ten of which are described as 'priority actions'. They include a focus on transparency in the insurance sector, particularly in terms of pricing. As part of this, the Department of Finance will work with insurers to introduce a transparency code. Other priority actions include strengthening the powers of the IRB, a feasibility study on a cap for certain categories of personal injuries awards, exploring tougher penalties on insurance fraud and measures to reduce the number of uninsured drivers. The Government says it aims to tackle the reliance on litigation, particularly for motor insurance claims and that this will be an important element of the proposed IRB reforms. According to recent figures from the Central Bank's National Claims Information Database (NCID) on settled private motor claims, it is 22 times more expensive for a claimant to take a claim through litigation rather than through the board. Meanwhile, the NCID found the timeframe for settled claims through litigation is significantly longer than those settled through the IRB, with the level of awards not being materially higher. Enhancing the Office to Promote Competition in the Insurance Market as well as streamlining the authorisation process for new market entrants will also be a key focus of the plan. These priority actions are viewed as the ones that will have the biggest impact on insurance affordability, transparency and availability. According to official figures, comprehensive cover now accounts for over 90% of motor policies, and with a rise in repair costs more consumers are now less inclined to protect their no claims bonus and more likely to claim on their insurance, which impacts overall premiums. As part of the development of the action plan, the Department of Finance held a public consultation process that received over 70 submissions from private businesses, political parties, representative bodies and members of the public. The last action plan on insurance was published in 2020 and led to initiatives such as rebalancing of the duty of care and the personal injuries guidelines, which have helped to bring down the value of claims. The action plan was launched by Minister of State for Insurance Robert Troy, and Minister for Enterprise Peter Burke. Minister Troy said that "despite progress on insurance costs in recent years as a result of the Government's previous action plan on insurance reform, an inflationary global climate has led to some costs creeping up again". He added that "it is vital that consumers are seeing greater transparency from the insurance sector, particularly in regard to how their premium is communicated to them". The implementation of the action plan will be led by Minister Troy through the Department of Finance and monitored by the Cabinet Sub-Group on Insurance Reform, which is chaired by Tánaiste Simon Harris. Mr Harris said the Government's latest plan "builds on the strong insurance reforms to-date which have led to improvements in transparency and have seen personal injury awards reduce". "By Government working together, we can deliver tangible progress in this next phase of insurance reform so that the benefits are felt by both businesses and consumers," he added. Prior to publication of the action plan, the Cabinet Sub-Group on Insurance Reform agreed to not seek approval from the Dáil and Seanad on an increase in personal injuries awards, as recommended by the Judicial Council. This was a move welcomed by both insurers and consumer groups, who had warned it would have driven up premium costs.
Irish Independent
6 days ago
- Business
- Irish Independent
Government set to impose a ‘code' on insurers in bid to track impact of reforms
The focus of the code will be on motor insurance, which has been rising now for almost two years. The Government aims to 'enhance transparency in insurance premiums' by working with the insurance industry, according to the latest Action Plan for Insurance Reform, which is due to be launched today. A feasibility study is to be carried out to see how data on insurance costs and premiums collected by the Central Bank can be used to shine a light on whether or not insurers are passing on the benefits they are getting from insurance reforms. The industry has benefited from a strengthening of the Injuries Resolution Board, changes to duty of care legislation, lower judicial guidelines on award payouts and the creating of a garda anti-fraud unit. In the past few weeks the Cabinet Sub-Committee on Insurance Reform, chaired by Tánaiste Simon Harris, decided to turn down a proposal from the Judicial Council to hike the judicial award guidelines by 17pc, in what was a huge boost to the insurance industry. In litigated cases, the legal fees average €24,786 The Action Plan will cover a period to 2029 and will set out a schedule of actions, for the departments involved and for other bodies such as the Central Bank. The Action Plan will focus on six key themes: transparency and affordability, competitiveness and availability, fraud, innovation and skills and climate protection and legal reform. Minister of State at the Department of Finance with special responsibility for insurance Robert Troy is spearheading the insurance reform agenda. Actions in the new plan include reviewing the powers of the Injuries Resolution Board to make it the default route for determining injury awards, and awarding legal fees for cases determined by the board rather than in the more costly courts. Benchmarking Irish awards against the payouts in the UK and the rest of Europe for similar injuries is among the tasks in the new action plan. Getting to grips with legal costs is also under consideration in the action plan. This will include examining the possibility of developing clear guidelines and scales of fees that lawyers charge for civil litigation, including in personal injuries cases. The Central Bank has found that legal fees for cases settled through the Injuries Resolution Board average €597 – however litigated cases have average legal costs of €24,786. Reviewing how insurance firms have implemented a ban on so-called 'price walking' – a practice that punished customers who stick with a provider – is also being considered, as is a move to provide greater transparency for customers of how premiums break down. Streamlining the authorisation process for new market entrants, and tougher penalties for fraud are also part of the agenda.
Irish Post
7 days ago
- Business
- Irish Post
Ireland's financial services hit record levels
IRELAND'S financial services sector has reached a major milestone, now employing more than 60,000 people—up from just 35,500 in 2015. The nearly 70% growth over the past decade is in part to do with Brexit, which caused many companies to relocate operations from Britain to Ireland. However, a new consultation paper from the Department of Finance warns that this Brexit-driven momentum is likely coming to an end. The paper, published as part of a public consultation process on the next phase of the 'Ireland for Finance' strategy, highlights the need for new approaches to ensure continued growth in the sector. 'Ireland is now home to many global financial services giants, many of whom have chosen it as their EMEA headquarters,' the paper notes. 'Post-Brexit, Ireland experienced a further influx of IFS firms relocating from the UK.' But it also cautions that the advantages gained from Brexit are likely to diminish as emerging international hubs like Singapore and Dubai ramp up efforts to attract financial services companies. Launched in 1987 under then-Taoiseach Charles Haughey, the 'Ireland for Finance' strategy has helped transform the country into a global financial services powerhouse. Today, Ireland hosts approximately 600 international financial services companies and ranks as the sixth-largest exporter of financial services in the world. It is also the third-largest domicile for investment funds and has developed strong specialisations in sectors such as banking, funds, asset management, insurance, reinsurance, fintech and aircraft leasing. Minister of State at the Department of Finance, Robert Troy, said Ireland's success stems from a clear and consistent policy approach. In a recent interview with FinTech Magazine, he pointed to fintech as a core focus area of the current strategy. 'This is a sector where we've seen rapid growth over the last decade,' he said. 'And I think that growth probably stems from the fact that we had a clear strategy for Ireland for finance.' Troy also underscored the need for balanced regulation, noting that the Central Bank of Ireland's 'strict but fair' approach has been essential to maintaining investor confidence. 'We're dealing with people's savings, with transferring assets. They want certainty and protections in place.' In addition to rising global competition, the consultation paper outlines other challenges for the sector, including the green transition and sustainability objectives set by both Ireland and the EU. The paper notes that the financial services industry will play a critical role in funding climate-related projects. It also highlights the need to encourage people to move savings from low-interest bank accounts into more productive investments that support long-term economic development. The Programme for Government has set a goal of creating 9,000 new jobs in the IFS sector by 2030, but the Department of Finance warns that in today's uncertain global environment, simply holding onto existing jobs is equally important. Last year, a report by Indecon found that the funds and asset management sector alone delivered nearly €1 billion in direct tax revenue. The public consultation, which is open until September 19, invites stakeholders to contribute their views on how Ireland can continue to grow its financial services sector while identifying barriers to competitiveness. The next phase of the 'Ireland for Finance' strategy will aim to ensure that Ireland remains a globally attractive destination for financial firms, even as the international landscape becomes more complex. See More: Economy, Finance, Finance Minister, Robert Troy
The Irish Sun
13-07-2025
- Health
- The Irish Sun
New ‘right to be forgotten' law for cancer survivors marks significant step – survivors deserve to move on with lives
THERE was some good news for cancer survivors this week. The Government said it will progress plans to give them the 'right to be forgotten' and end barriers to accessing financial products. 2 Robert Troy writes that cancer survivors deserve to move on with their lives without being penalised Credit: Alamy 2 The Government will bring forward legislation to enshrine in law that they have the 'right to be forgotten' Credit: Getty Images - Getty The Central Bank (Amendment) Bill 2025 will ensure cancer survivors can't be discriminated against when it comes to obtaining certain insurance products, specifically mortgage protection, due to their medical history. For too long, cancer survivors in Ireland have faced an uphill battle not just in beating the cruel disease but then in rebuilding their lives, particularly when it comes to accessing basic financial products. Despite being in remission for years, many are penalised for their past diagnosis. The legislation was proposed by Fianna Fail's Catherine Ardagh. Writing in The Irish Sun on Sunday today, Robert Troy, Minister of State with special responsibility for Financial Services, Credit Unions and Insurance, says a fairer deal for cancer survivors starts now. READ MORE IN IRISH NEWS THIS week marked a significant step forward in our commitment to fairness, transparency and compassion in the insurance market. The Government will bring forward legislation before the summer recess to enshrine in law the 'right to be forgotten' for At the heart of this legislation is a simple principle: if you've beaten cancer, your past diagnosis should not define your financial future. Survivors deserve to move on with their lives — to buy a home, protect their Most read in The Irish Sun Many cancer survivors in Ireland have found themselves excluded or charged unfairly when applying for basic financial protections like The major symptoms of 'common cancer' as HSE say 'know the signs' That's not right. It's not reflective of the person they are today, nor is it reflective of the values we aspire to as a country. That's why this Government is acting. This is a Bill with broad cross-party support. I must commend my Her effort over the years has allowed me to introduce it as a Government Bill, speeding up the process and advancing it before the summer recess. CERTAINTY NEEDED Her tireless advocacy has helped bring this issue to the fore and push it up the political agenda. The new legislation will start with mortgage protection — following international best practice — and we hope to review the scope of the legislation in future in a careful, informed way, with a view to delivering the most impact for the greatest number of people. I want to acknowledge the positive steps already taken within the industry. In 2023, a Voluntary Code of Practice was introduced by Insurance Ireland and supported by the Irish It was a welcome move that showed what is possible when an industry works with advocates and Government to do the right thing. However, voluntary codes alone aren't enough. Survivors deserve certainty. That's what this legislation will provide. ADVANCEMENT SHOULD NOT BE PUNISHED Enshrining this into law means While eight companies signed up to the Voluntary Code, its very nature meant they could withdraw or that new entrants to the market could disregard it. That will not be the case with this law. This is about removing unnecessary barriers to home ownership and It's about making sure our insurance system treats people with dignity, respect and fairness. And it's about restoring confidence that the market is transparent and working in the best interests of all citizens. Cancer is a monumental hill to climb for individuals, their partners and families. We are fortunate that with advances in That advancement should not be punished. Survivors who have been without treatment for seven years, or five if diagnosed under the age of 18, will now have clarity and comfort. This legislation is also a direct delivery on our Programme for Government commitment. It was included for a reason: because it's the right thing to do. REFORM FOR FAIRNESS The Government has been clear in its ambition to drive a more inclusive and fair insurance landscape. This announcement is a major milestone on that journey. It was a piece of legislation which I wanted to make real progress on when I took up my role in January and it is my intention that this Bill will be enacted before the end of the year. It is also important to recognise the ongoing work of the Irish Cancer Society whose campaigning and research has been instrumental, and Insurance Ireland, who have constructively engaged throughout and managed the Voluntary Code of Practice. Legislative drafting is underway and we are working closely with colleagues across We're also talking with key stakeholders to ensure the law strikes the right balance between consumer protection and market integrity. We want to send a clear message to cancer survivors: We see you, we support you, and we are changing the law to make your path forward easier. This reform is not about punishing insurers, it's about building a market that is based on fairness, transparency, and compassion. That's what modern Ireland should be about. And that is what this Government is delivering.
Irish Independent
08-07-2025
- Health
- Irish Independent
Legislation being fast-tracked to ensure cancer survivors can't be discriminated against by insurers
The legislation aims to ensure that people who have survived cancer are not penalised for their past health experiences when trying to buy a home or other financial activities. The right-to-be-forgotten legislation to be brought forward by the Government before summer recess. The move follows what the Government said was positive progress with a voluntary code of practice on the issue, introduced in 2023, by the insurance sector. Minister of State Robert Troy said he has prioritised the Central Bank (Amendment) Bill 2025 that will give effect to the right to be forgotten following industry engagement. He said the Cabinet has now agreed to bring forward legislation which will ensure that cancer survivors cannot be discriminated against when it comes to certain insurance products, specifically mortgage protection. The so-called 'Right to be Forgotten' legislation was introduced by Fianna Fail Deputy Catherine Ardagh under the Central Bank (Amendment) Bill 2025. Mr Troy said the voluntary code is being fully adhered to by the eight insurers who originally signed up. A report from Forvis Mazars, on behalf of Insurance Ireland, found that more cancer survivors have access to mortgage protection without increased cost than prior to the introduction of the code. Mr Troy said: 'Since taking on this brief, I have recognised the importance of the issue for cancer survivors, their partners, and families. 'By adopting this Bill in Government time and focusing on amendments at Committee stage, it has allowed me to introduce it faster and secure its place on the agenda before the summer recess.' ADVERTISEMENT Learn more Chief executive of the Irish Cancer Society Averil Power said the society released research in 2022 outlining how hard it was for people affected by cancer to access insurance and other financial products in Ireland. 'We found that only one in four cancer survivors felt they were treated fairly when buying financial products. 'After years of campaigning, we welcomed the introduction by Insurance Ireland of a voluntary code to improve access to mortgage protection insurance for cancer survivors.' Ms Power said the Irish Cancer Society has consistently argued that legal protection was needed and that other insurance products should also be covered. The Bill seeks to enshrine the 'Right to Be Forgotten' for cancer survivors in Irish law, ensuring they are not unfairly treated in accessing insurance products, such as mortgage protection insurance, due to their past medical history once they have met defined recovery milestones. It is understood that the Department of Finance has engaged extensively with stakeholders, including the Irish Cancer Society, Insurance Ireland, regulators, and international peers, in order to identify the most appropriate and effective means to progress this legislation. It is expected that committee stage amendments are also being prepared, and the Department of Finance will work in consultation with the Attorney General's Office, to ensure the bill is fully compliant with EU law and operationally viable.
