The first action plan for insurance reform, published in 2020, led to the introduction of the personal injuries guidelines and major reforms to what is now known as the Injuries Resolution Board.

Stakeholders have now been invited to submit their views on the development of a new action plan for insurance reform covering 2025 to 2029.

The consultation will be open to submissions for three weeks and is open to all those with an interest in the future direction of insurance in Ireland.

The government is particularly keen to hear from consumers, representative groups, and those operating in the insurance industry.

Robert Troy, minister of state with responsibility for financial services, credit unions and insurance, said: “I am delighted to launch the public consultation phase of the new action plan for insurance reform.

“Despite significant progress, some sectors still face issues with affordability and availability of insurance, and the benefits of reform have not been fully passed on to consumers and businesses.

“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.

“A key focus of the new action plan will be prioritising further competition in the market and working with stakeholders, including insurers, to enhance transparency and promote affordability across all types of insurance.

“We now have an opportunity to further shape the future of insurance in this country and I would encourage any interested individual or organisation to make a submission and ensure their views are considered in the development of the new action plan.

“Insurance reform is a top priority for both myself and this government, and I look forward to the outcome of this public consultation.”

Finance minister Paschal Donohoe added: “I welcome the launch of the public consultation for the new action plan for insurance reform.

“The previous action plan, published in 2020, delivered significant achievements, most notably the rebalancing of the duty of care, reforming the Injuries Resolution Board and the introduction of new personal injuries guidelines.

“This led to significant progress in stabilising the insurance market, improving competition, and addressing key regulatory challenges.

“However, issues remain, and the government is committed to further reforms that will ensure fairer pricing, enhanced competition, and a more sustainable insurance market for consumers, businesses, and insurers alike.

“I encourage all interested individuals to make a submission to this consultation. The insights gained will be crucial in shaping the next action plan for insurance reform, ensuring it is informed by those who interact with the insurance sector directly.”