Robert Troy
Longford-Westmeath · Fianna Fáil · Ireland
“Only last weekend, I had the honour of representing the Taoiseach at the commemoration of those who had lost their lives at the Battle of the Somme. The presence of the deputy First Minister of Northern Ireland was a very positive development. I understand that it was the first time she was present in Dublin for that commemoration.”
“People deserve to know and understand not just the aspiration but the implication for their livelihoods, public services and future. Transparency is something I have tried to foster during my term as Minister of State in the Department of Finance. People expect it and are savvy enough to find it themselves.”
“I welcome the opportunity to contribute on this debate on the financial implications of Irish unity. It is fair to say that it is an important discussion and one that deserves to be approached with seriousness, honesty and respect.”
“If we are serious about unity - I believe we all are - we must be equally serious about preparation. That includes asking the difficult but necessary questions, including about the role of the UK in supporting any transition, whether financial contributions over a defined period would form part of any agreement and how the EU could be inv…”
“While many will view these as barriers so as to delay and misinform, we need to realise that our island has overcome its fair share of barriers in the past and we have the capacity to overcome any barriers in the future. What we should be looking at are the opportunities that a united Ireland presents.”
“It can be secured through reassurance, actions and compromise. Deputy Lahart indicated some of the compromises that may need to be considered. From a financial perspective, we need to look for clarity. Some fundamental questions need to be addressed. What would happen to public services? How would taxation be structured?”
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“There are a number of exemptions and reliefs from this tax that may apply depending on the circumstances of the case, some of which do not require that any specific family relationship applies. One such exemption is the dwelling house exemption. Where a person takes an inheritance of a dwelling house, that person may be able to avail of the dwelling house exemption. To qualify for the exemption, the inherited property must have been the disponer’s principal private residence at the date of death. The beneficiary must also have lived in the house for three years prior to the date of the inheritance and must continue to live in the house for six years after that date. In addition, the beneficiary must not have a beneficial interest in any other residential property.”
“Where a person receives gifts or inheritances that are in excess of the relevant tax-free threshold, capital acquisition tax at a rate of 33% applies on the excess benefit. In the past year, there has been a focus brought to the group B threshold with the argument being made that beneficiaries such as nephews and nieces of disponers who are single or childless - I take the point the Senator made about using the word "childless" - should benefit under the group A threshold. It is important to be aware that Ireland is not unique in providing a distinction in how children are treated for inheritance tax purposes compared with nephews, nieces and siblings.”
“It also ensures that transfers of wealth within families and between generations are appropriately taxed. For CAT purposes, the relationship between the person giving a gift or inheritance, the disponer, and the person who receives it, the beneficiary, determines the maximum amount, known as the group threshold, below which CAT does not arise. The Finance Act 2024 increased each threshold and the estimated cost was €88 million annually. The group A threshold, currently €400,000, applies where the beneficiary is a child of the disponer.The group B threshold, currently €40,000, applies where the beneficiary is a brother, sister, nephew, niece or lineal ancestor or lineal descendant, such as a grandchild, of the disponer. The group C threshold, currently €20,000, applies in all other cases.”
“I thank the Senator for raising this matter. I have also been contacted by the family in question. To their credit, they have been very strong in their advocacy and other work they are doing contacting all Members of the Dáil and Seanad. I am taking this matter on behalf of the Minister, Deputy Paschal Donohoe, who is out of the country. Capital acquisitions tax is a tax on inheritances or gifts on an amount over a particular tax-free threshold. It is a beneficiary-orientated tax, which means it is payable by the recipient of a gift or inheritance as opposed to the person providing that gift or inheritance. Capital acquisition tax plays an important role in ensuring we maintain a broad tax base and raised €854 million in 2024. The Senator will agree that the latter is a not an insignificant sum of money.”
“Accountability is not reserved for these benches alone. It should be across our public service and Civil Service. The Tánaiste does not need me to defend him. His electorate has put faith in him time and again. We know this Dáil will vote confidence in him later today.”
“While Aontú will talk about accountability whenever it gets the opportunity - I share the sentiment and want to ensure there is accountability - proposing a motion of no confidence in the full knowledge that it will not succeed is not about true accountability. It is about garnering headlines. Last week, we saw an increase of €1.6 billion in health and a 20% increase in the disability budget. This significant expenditure increase is designed to address the challenges we have. We are in a position to allocate this level of funding thanks to a strong economy and a prudent fiscal approach. That work is at risk of being undone if we do not see a level of output and progress across our Departments and agencies. Responsibility ultimately lies with us, as members of the coalition, to deliver the programme for Government.”
“I acknowledge and pay tribute to Harvey Morrison Sherratt. I know my words today will mean little to his parents, Stephen and Gillian, who have been tireless advocates and campaigners in recent years for a serious and unacceptable issue. As a parent, I cannot comprehend what they have been through and what they continue to go through. Too often in this Chamber, we are consumed by the personalities of Members of this House and by political point-scoring when our focus should be on outputs for our citizens. We must never lose sight of what we are trying to achieve as parliamentarians: a better and more equal society not just for today but for the generations ahead. No motion of no confidence or countermotion of confidence will help us to achieve this.”
“We are already home to a number of innovation hubs across payments and financial services and I have full confidence this will grow over time. Finally, Ceann Comhairle, I would like to touch on-----”
“Ireland has a distinct advantage over many other jurisdictions in Europe. We have a skilled workforce with one of the highest levels of educational attainment in the European Union. We are English speaking. We are a location of choice for financial services and technology firms. Now is the time we can capitalise on a sector that has boomed since the establishment of the IFSC. The expansion of the research and development tax credit system is a significant value add to this. On a recent trade mission to New York, it was impressed upon me that Ireland is a good place to do business because of the availability of talent. Companies can now further leverage that talent through innovative investment, thanks to measures like the research and development tax credit expansion.”
“Again the Opposition homes in on the 9% VAT. This is about making apartment delivery viable. We know there are 92,000 permissions out there for apartments that are not being constructed and there is a reason they are not being constructed. I see it in my home town of Mullingar, where sites are on sale for two years with full planning permission for apartments and they are not being built because it is not profitable to build them. We need to increase supply of all types of housing and that is what is motivating us. By increasing supply of housing, we are giving the people we represent choice and the opportunity to own their own home. Turning to my own brief as Minister of State with responsibility for financial services, I am pleased to see a number of measures that will further cement Ireland as a hub for such services.”
“Some 75% of hospitality businesses are SMEs. These are operations of fewer than ten people who deal with the tightest of margins in terms of profitability. Those margins are the difference between staying open and supporting local jobs, tourism and communities, or closing the doors. The Opposition has focused on the fact that this reduction will not be passed on to consumers. The aim is to keep businesses open. A competitive market leads to better outcomes for consumers and if more cafés, restaurants and pubs can stay in business, that is the best possible outcome in terms of cost reduction and retaining jobs. This Government is also prioritising the delivery of housing, with €11 billion allocated to the Department of housing, a 20% increase on last year’s budget. This will provide 10,200 additional social homes and 15,000 starter homes.”
“I thank the Ceann Comhairle for the opportunity to speak on budget 2026 this evening. This budget is focused on protecting our economy, protecting our jobs and protecting future growth. The approach to the budget was one of prudence and being mindful of the headwinds which exist outside of our shores but have a significant impact within our shores. No one budget can address every issue we would like to address. Budgets are about choices and the choice this time was to protect the economy and support jobs while targeting those who need help most. If we do not take the right measures now, we will pay for that miscalculation in years to come. An area that has been heavily focused on is the VAT reduction to 9%. While it may not be a measure I was overly keen on, it is a measure aimed at keeping doors open in our towns and villages.”
“We are taking account of the fact that we are in uncertain times internationally. As a small, open economy, we are dependent on our ability to trade internationally. A really positive intervention in this regard, referred to by one of the Senators, is the expansion of the research and development credit to ensure multinationals continue to invest in this country and that we continue to support the jobs they create here and attract new jobs into this country. The most important thing is to protect jobs. If we do not have the ability to protect our jobs now, we will not have the ability to continue, over the remaining four years of our five-year term, to make the investments in our core services that we have begun to make in the first year. I thank the Senators for making their contributions and for the opportunity to respond.”
“On childcare, there is an additional €64 million under the national childcare scheme and an additional €52 million under the core funding scheme. I realise we have not delivered on the full commitment on what we can do in childcare, but it was never practical or possible, nor would it ever be, regardless of who is in government, to deliver in one year what we set out to achieve in five years under a programme for Government. It is not practical and suggesting so is not fair, and people should acknowledge that here today. Senator Craughwell raised defence spending. The real current expenditure increase when inflation, which is projected to be 2% next year, is taken out is going to be 3%. The increase in capital expenditure on defence, which the Senator failed to reference, will be 40%. A lot has been achieved in this budget.”
“We are also providing an additional €211 million in current expenditure to help people transition out of homelessness. In relation to tackling child poverty, we are increasing unemployment payments relating to children under 12 by €8 per week and children over 12 by €16 per week. That is going to benefit the parents or guardians of 330,000 children. We are extending the back-to-school allowance to two- and three-year-olds. With regard to disabilities, we are providing 1,717 additional SNAs and 860 additional special education teachers. We are providing additional respite beds for both day and night respite. There are to be additional places for adults with disabilities who are over 18 and have nowhere to go when they finish their education.”
“A number of Senators who today said we are failing in our commitments in the programme for Government are asking us to implement a programme for Government in the first year of a five-year Government cycle. This budget is fair, prudent, progressive and has a number of targeted measures to help address the budget surplus we are investing. On housing, something addressed by many speakers, and rightly so, there has been a 20% increase in this budget's allocation to housing. That is €7 billion - €5 billion in capital and €2 billion in current expenditure. That will deliver 10,200 new social homes and 15,000 new, affordable cost-rental homes. People talk about homelessness, and the best way to help people out of homelessness is to provide additional social homes. We are providing the capital in this budget to provide additional social homes.”
“While social transfers overall make a larger contribution to reducing income inequality, the income tax system has also become more progressive over time, ranking as one of the most progressive in the OECD. The report illustrates the progressiveness of budget 2026. Households will experience an average gain in weekly disposable equivalised income of 1.1% from the measures that we have announced. The measures are also set to benefit the lowest income households in Ireland the most, ensuring that our policies continue to move us towards a more equal society. I will address some of the points that were raised in this evening's discussion. The first point I will make is this is the first budget of five.”
“While progress has been made in this index, the Government remains committed to further improving the gender disparities that remain in earnings and employment levels. In addition, the analysis highlights that some groups experience equality across a high proportion of indicators. This Government is committed to providing support to the most vulnerable in society. The analysis from the Beyond GDP publication also shows that Ireland has one of the most progressive tax and social security systems of any EU or OECD country, with these payments playing a key role in the redistribution of income and the reduction of poverty and income inequality.”
“This Government is committed to improving outcomes across Ireland as well as ensuring that equality and well-being concerns are integrated into the design and implementation of Government policies. From a gender perspective, analysis and beyond, the GDP report shows that Ireland performs strongly relative to the EU on the gender equality index from the European Institute for Gender Equality. The index scores the EU and each country from one to 100, with a score of 100 indicating full equality between women and men. Focusing on the latest data, Ireland’s score reached 73.4, rising by eight points between 2010 and 2022. Over the period, Ireland’s scores are consistently higher than the EU average.”
“Ireland's well-being framework was launched in July 2021 and seeks to take a more holistic view that goes beyond traditional economic performance metrics to incorporate social and environmental considerations. The framework is based around 11 dimensions, which constitute different aspects of well-being. Across these 11 dimensions are 35 well-being indicators that give a high-level overview of how the country is performing. The report highlights that progress across the 35 indicators and 11 dimensions are generally positive, both over time and in comparison with other countries. In particular, Ireland continues to make progress in the income and wealth connections of community and participation dimensions. However, we know that the persistence of inequality in society undermines our collective well-being.”
“I thank all the Senators for their input into today's debate on budget 2026. I have taken note of their contributions and hope to address the key themes they have raised. Before I respond to individual comments, I refer to some analysis in the Beyond GDP Quality of Life Assessment publication, which was published by the Department of Finance today. I will touch briefly on four components; the positive performance of Ireland and well-being metrics by international standards; progress on equality budgeting, with significant improvements in the gender equality index in Ireland relative to the EU; the progressivity of the tax and social security systems; and the progressive impact of the budget package, with lower income households experiencing the highest gains.”
“The accelerated capital allowance scheme is also being extended for another four years. In addition, the scope of farm restructuring relief from capital gains tax is being expanded to include woodlands and forestry. This budget protects jobs, boosting the economy’s resilience. It focuses on strengthening our competitiveness, while meeting the needs of our people today and in the future. To achieve this, we have to strike the balance between increasing investment and moderating the growth in day-to-day spending. We are determined to meet the challenges we face through investing in our people, jobs and homes and to take action to match our hope and ambitions for tomorrow.”
“While the report recommended a public consultation on potential options for an entity level tax for Irish real estate funds, IREFs, the Department will instead undertake a public consultation on proposals to simplify the IREF regime without limiting its effectiveness. I am pleased to announce that the insurance compensation fund levy will be reduced from 2% to 1% from 1 January 2026. This measure will reduce the level of insurance contributions by approximately €57 million next year and, in turn, should have a direct and positive impact on the cost of insurance for motorists and homeowners. Agriculture plays a key role in our society and economy. As such, the farm consolidation relief, farm restructuring relief and the young trained farmer relief are being extended to 2029.”
“Recognising the importance of encouraging retail investment, the rate of taxation applied to Irish and equivalent offshore funds and foreign life assurance products is being reduced from 41% to 38%. A roadmap will be published early next year which will consider issues raised in the Funds Sector 2030 report and the European Commission’s recommendation on savings and investment accounts. This roadmap will set out our approach to simplifying the tax framework to encourage retail investment. The investment funds and asset management industry in Ireland has a leading position globally. It is a significant employer supporting almost 37,500 jobs. In line with the commitment in the programme for Government, an implementation plan for the Funds Sector 2030 report is being published today.”
“Tax simplification is a key reform for supporting businesses. Last year, to enhance Ireland’s competitiveness for multinational businesses, a participation exemption for foreign dividends was introduced to simplify double tax relief. This year, these rules will be enhanced, for example providing for technical amendments to improve the reliefs operation. If we want to make good on our promises to further develop infrastructure, as well as activating the significant level of capital sitting idle, or indeed losing money, on demand deposit accounts, we need to continue to promote and enhance our funds industry. I particularly welcome these measures. The EU savings and investments union is key to moving more savings into investment. This will help to grow businesses and increase the return on investment for citizens.”
“Recognising that energy prices remain elevated and to help alleviate cost pressures facing households, the 9% rate of VAT on gas and electricity bills is being extended until 31 December 2030. As outlined in the programme for Government, to further support business the VAT rate on food and catering businesses, and for hairdressing services, is being reduced from 13.5% to 9% from 1 July 2026. In a challenging global environment, research and development credits are essential to Ireland’s competitiveness. Recognising this, this credit will increase from 30% to 35% and the first year payment threshold will increase to €87,500. This is an important measure. It is a significant attraction for companies who want to establish and grow here, and can help diversify our corporate tax base.”
“On 1 January 2026, the national minimum wage will increase by 65 cent per hour to €14.15 per hour. Accordingly, the ceiling for the 2% band rate will be increased to €28,700. This ensures that full-time workers on minimum wage will remain outside the top rate of USC and gives a modest benefit to all whose income is above that threshold. The rent tax credit has proven to be a meaningful support for renters. Understanding the cost pressures faced by individuals and families, budget 2026 is extending this measure to the end of 2028. In relation to homeowners, the mortgage interest tax relief is being extended by another two years with a reduced value of the relief applying in the final year.”
“To help address the viability gap in apartment construction, the VAT rate on the sale of completed apartments is being reduced from 13.5% to 9% from midnight tonight. We are also introducing an enhanced corporation tax deduction for certain costs incurred on the construction of apartments and for the conversion of non-residential buildings into apartments. This will improve the viability of such projects. In this budget, the Government is committed to measures that will improve the overall standard of living, with an emphasis on affordable, permanent measures. This has meant that the scope for significant tax changes is limited. However, we will stand by our commitment to make progressive changes to income tax over the course of this Government if the economy remains strong. This budget is introducing a targeted reduction in USC.”
“Given this risk and the need to prepare for structural challenges, the Government has agreed to continue putting money into the Future Ireland Fund as well as the Infrastructure, Climate and Nature Fund. By the end of 2026, it is projected that the total value of these funds will be around €24 billion. Budget 2026 prioritises capital investment. This investment is critical if we are to unlock the bottlenecks that would constrain economic growth. Therefore, a balance must be struck between increasing public expenditure now and investing to ensure the economy can maintain solid growth in the future. I believe this budget strikes that balance. Let me turn to the individual budget measures. We all know housing is the key challenge facing our country.”
“That said, while inflation is falling, price levels remain high for many necessities, such as food. This is why budget 2026 includes targeted measures to support those most in need, benefiting those on the lowest incomes, households with disabilities and lone parents the most. We have the capacity to improve public services because the public finances are in reasonably good shape. We have run budget surpluses and will do so again this year. This helps to reduce the debt burden, and to save funds for the future. However, the economy’s reliance on the FDI sector presents a clear risk to the public finances. We have seen volatility in corporation tax receipts in recent months. We know that this overreliance poses a vulnerability.”
“These areas are critical to improving the attractiveness of our economy for investment and making Ireland a better place to live. It is something I see and hear in my brief. Financial services companies want to continue to do business in Ireland, and we must ensure that we can create an environment that encourages them to do so. Notwithstanding the high level of uncertainty, modified domestic demand, the best measure of domestic activity, is projected to grow by close to 3.3% this year and by 2.3% next year. It is expected that domestic activity will be supported by the continued strength of our labour market. Employment in Ireland reached a record high of 2.8 million people this year and is projected to grow again next year. Aided by lower inflation, real incomes are also expected to continue to grow.”
“We have conflict on our doorstep in Europe and significant uncertainty as a result of tariffs and trade wars. As one of the main beneficiaries of peace, partnership and global prosperity in recent decades, Ireland’s fortunes are connected to the world around us. While the EU–US framework agreement is welcomed for providing a level of certainty, a general tariff rate of 15% will, of course, affect growth over the coming years. As such, it is more pressing than ever that this Government present a budget that supports growth and protects jobs. To help to achieve this, we recently published the updated national development plan. The plan commits to increase capital expenditure, with a focus on investment in energy, water, housing and transport.”
“I am pleased to appear before the Seanad to discuss budget 2026 following its presentation earlier to Dáil Éireann. Our economy has proven to be incredibly resilient. This is based on the transformation of Ireland in recent decades and the steps taken by successive Governments to return the public finances to health. There are now 2.8 million people at work, more than the number who lived here in 1961. In addition, people are living longer and healthier lives. While this progress is something we can all be proud of, we also understand that the benefits of this are not felt equally. The cost of living and access to homeownership are a concern for many. Acknowledging the progress we have made, we also acknowledge that we need to achieve more. Budget 2026 is framed at a time of great uncertainty.”
“We also need to come forward with a concrete proposal on a new savings and investment account. I am meeting my colleague the Minister, Deputy Donohoe, later today to discuss just that and how this budget next week can, I hope, commence with measures that will incentivise people to be more ambitious with their savings, thereby getting a better return for themselves, and invest in products that the Irish Government will be able to use to reinvest to make up our infrastructure deficit. I thank the Senator for having given me an opportunity to raise here today what is a very topical issue.”
“To be abundantly clear, I fully agree with the Senator. Irish savers are depriving themselves of a better return on hard-earned savings. A huge opportunity exists now, particularly in the context of the savings and investments union of the EU Commission, which, as the Senator said, only today published a recommendation on a new savings and investment account. The Irish Government has been a very strong supporter of the savings and investments union, and now the responsibility comes back to the Irish Government to interrogate the recommendations from the Commission this morning and come forward with proposals for Irish savers. A lot of good work has been done in the context of the funds review and the recommendations that emanated from that, and we as a Government need to push ahead with the implementation of those recommendations.”
“This work will also take account of developments at an EU level in respect of the savings and investments union and, in particular, the Commission's recommendation on increasing the availability of savings and investment accounts.”
“The programme for Government has committed to progressing and publishing an implementation plan taking into consideration the funds review recommendations to unlock retail investment and opportunities to grow the sector in Ireland. Detailed consideration is therefore being given to the best way to support a greater level of retail investment in capital markets and the necessary reforms required. It is likely, given the breadth of the funds review and the complexity of the relevant regimes for the taxation of investment, that the delivery of associated tax measures may take place over multiple Finance Bill cycles. In line with the Senator’s query, we will continue to consider such proposals in this important area.”
“The report made eight recommendations on the topic of retail investment, including recommendations to better align the tax on investment funds and life assurance products with that of direct equities by removing deemed disposal and aligning the rate of tax to 33%. The report noted that there may be merit in exploring an incentivised savings and investment account in due course. Developments at EU level in the context of the savings and investment union will have relevance in this regard. While the report concluded that measures proposed for amending the existing taxation of investment funds and life assurance products should be prioritised, the Commission’s recommendations published today demonstrate the importance of savings and investment accounts within the SIU, which is an important point for consideration.”
“This blueprint is meant to offer member states a codification of best practice in terms of savings and investment accounts in the EU. Here at home, last October, the Minister for Finance published the Funds Sector 2030: A Framework for Open, Resilient and Developing Markets report. The report was timely given the interest in growing retail and savings and investments in both Ireland and the new mandate of the European Commission in the context of the SIU proposal. At the national level, we are reviewing the recommendations from this wide-ranging review of the funds and asset management sector. Part of the review focused on encouraging retail investment. As part of this aspect of the review, the development of an incentivised retail savings and investment account was considered.”
“The central thrust of this initiative is to help citizens to invest more so as to increase the amount of money they have in their retirement and to use the invested money to energise businesses, bringing more growth to the economy. From my engagements across the financial services sector since taking this role, I am particularly confident that Ireland has the right infrastructure across talent and technology to be a key player in the SIU. We must acknowledge that the infrastructure deficit we have across housing, water and renewable energy cannot be solved by Government funding alone. Private capital is necessary to achieve our aims. The SIU strategy includes measures to advance the capital markets union project. Included in this strategy is a commitment to adopt a European blueprint for savings and investment accounts.”
“I thank the Senator for raising this important and topical issue. It is also a timely issue, as today the European Commission adopted its savings and investment account recommendation as part of the savings and investments union, SIU, strategy. Despite the impact of the higher cost of living in recent years, Irish households continue to have substantial savings, with approximately €160 billion in household savings on deposit in Irish banks. Some €9 of every €10 of these savings is held in low-interest, overnight deposit accounts, meaning savers are getting little return for their money. The stark truth is, because of global inflationary pressures, this money is actually losing value. Discussions on encouraging citizens to invest more has been part of the savings and investments union strategy which the EU Commission launched in March.”
“In addition, the plan mandates faster release of NCID data and deeper sectoral analysis to further strengthen transparency and accountability in the sector. We will also strengthen the Injuries Resolution Board. We plan to move at pace on legal reform and cost control. We will ensure Ireland remains attractive to insurers. The plan calls for an expanded office to promote competition in the insurance market.”
“The sector employs 35,000 people in Ireland, and decisions around additional reporting obligations have to be balanced correctly. We must have consumer clarity while avoiding overly burdensome requirements that could undermine the stability and competitiveness of companies. The effectiveness of an industry-led approach has already been proven. The Insurance Ireland Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors has delivered real improvements and provides the foundation for the programme for Government’s commitment to legislate for the right to be forgotten. This is being advanced through the Central Bank (Amendment) Bill 2025, with Government amendments submitted to the Office of Parliamentary Counsel for review.”
“Liability insurance recorded a 13% operating profit in 2023, compared to a long-term average of 2.1%, while motor insurance showed an 8% profit, compared to a long-term average of 5%. Global conditions in 2023 reflected a hard market, with high premiums and reinsurance costs, yet insurance reforms shielded policyholders from the sharper increases seen elsewhere. In 2024, conditions began to soften, with greater competition and some premium reductions emerging. These figures demonstrate the importance of grounding any transparency code in robust, long-term evidence, and not basing it solely on one year's results. Let us be very clear that I share Deputy Doherty's concern and I do want to see much greater transparency in place.”
“Let me tell the Deputy what we are working on on a daily basis, not only in my Department but in the Departments of justice and enterprise. Our new plan commits to enhancing transparency in insurance premiums by working with the sector to introduce a transparency code. I have engaged directly with the Central Bank on this matter, meeting the deputy governor. The Central Bank, as the independent regulator, has been tasked with participating as an observer alongside the industry in the development of a code, ensuring that the level of transparency required is fully understood and appropriately framed. According to the most recent NCID data, 2023 marked the first return to profitability for the insurance market after a number of years of losses.”
“As I said, he had a prime opportunity to be involved during the public consultation phase but neither he nor his party made a submission.”
“Our insurance sector employs over 35,000 people. This is something to which he never refers. He always calls for outrage but never refers to the critical importance of the insurance sector to the economy. We want to ensure any new measure introduced does not have a negative impact on our ability to attract new participants into the market. This is why data is critical. This is why this Government is engaged with the industry and the Central Bank to gather the relevant data to ensure we make the right decisions. I say quite openly that if Sinn Féin has material that would help in this regard, I am all ears. Deputy Doherty is aware I am all ears and prepared to take on board his claims if he can back them up with hard data.”
“It contains 26 actions across six strategic themes, namely, transparency and affordability, competitiveness and availability, tackling fraud, innovation and skills, the climate protection gap and legal reform. Ten of these actions are designated as priority measures because they will have the greatest immediate impact on affordability and transparency. Deputy Doherty is aware that a significant public consultation was carried out in advance of drafting this action plan, and I would like to point out that no submission was made by Sinn Féin, in contrast to submissions being made by other political parties. I am aware of the Deputy’s Bill, and I do not for a minute doubt his sincerity on the issue, but where is the data to point to the Bill actually delivering the reforms or savings he says it will?”
“The latest NCID report for the first half of 2024 provides compelling evidence that for private motor claims under €100,000, litigated cases are some 22 times more costly than using the IRB, and take over twice as long, resulting in only a 1% higher level of compensation. For public and employer liability, the challenge is even greater. Around 70% of claims still proceed through litigation, and legal costs can amount to 40% of the total settlement in public liability. These inefficiencies feed directly into higher premiums for businesses. Unless we tackle this head-on, which we intend to do, the litigation model will remain a heavy drag on affordability. Let us look at the future. On 24 July the Government launched the Action Plan for Insurance Reform 2025-2029.”
“Today, these figures have shifted, and personal injury accounts for just 44% while damage accounts for 56%. This shows that reforms have directly reduced the weight of personal injury claims in overall settlements. These structural reforms have provided what is commonly known as a shielding effect. They did not eliminate pressures entirely, as repair costs and severe weather events all add to premiums, but they prevented those pressures from being much worse. Without reform, Irish motorists and businesses would now be paying dramatically higher premiums. Despite the tangible impact of the Government's reform agenda, the NCID has been instrumental in shining a light on where challenges remain.”