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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“I will engage with my officials in the Department and review Deputy Doherty's Bill again. Quite honestly, what I am being told by the officials is that there is duplication and that some of the work involved has already been done. We can most certainly look at it again, however. I am happy to engage with Deputy Doherty to see how we can bring down the cost of insurance because we are all singing from the same hymn sheet in respect of this matter.”
“That is the reason for the very strong commitment in the programme for Government to continue to build on the progress to ensure that we can bring down the cost of insurance.”
“I am asking the serious questions. I have already initiated meetings with all the insurance companies. I have met one already and I will be meeting the remainder of them in the coming weeks. I will forcefully impress upon them our expectation that they do need to pass on savings, based on the reforms that have been initiated. We want to see a further reduction in consumer premiums. Premiums remain high in many cases, but the Deputy fails to acknowledge that in some instances people who were not getting insurance previously are now getting premiums. New competition has entered the market. Those operating in areas such as equestrian sports, the inflatables industry and children's play areas who did not get insurance in the past are now getting it. Progress has been made, although I accept that it is not enough.”
“Work has already commenced in this regard in the context of how we can ensure that the reforms that have been delivered will result in further reductions in premiums and to identify the new reforms that can be initiated to ensure that we have the price transparency for which the Deputy is advocating. We have the same objective, that is, to bring down the cost of insurance.”
“I share the Deputy's frustration. This is an area in which I invested a lot of time during the lifetime of the previous Government. Many reforms have been introduced. It is regrettable that the level of savings we envisaged for consumers has not transpired. If we look at the CSO consumer price index of December 2024, we can see that motor insurance is 35.5% lower than it was at its peak in July 2016. It is still too high in many cases. Many reforms have been delivered. There is a commitment in the programme for Government regarding an action plan on insurance reform.”
“In particular, it helped secure insurance availability in challenging areas such as equestrian activities, the hiring of inflatables and childcare by connecting affected groups with relevant stakeholders. Since taking up my role, I have commenced a process of engagement with key stakeholders, including Insurance Ireland and major insurers, to ensure reform-driven savings lead to lower premiums and broader coverage. Transparency in the insurance market remains a key policy focus. The Government's reform agenda also commits to facilitating faster data release from the National Claims Information Database for private motor, employers' liability, public liability and commercial property insurance to enhance market transparency. In this regard, officials will engage with the Central Bank of Ireland to see how to achieve this aim.”
“Work is already under way to develop an action plan that will enhance affordability, transparency and competition. This will build on the progress made under the 2020 action plan, which delivered key reforms such as rebalancing the duty of care, reforming the Injuries Resolution Board and introducing new personal injury guidelines. These changes have contributed to a more sustainable market, attracting new competitors like OUTsurance Ireland, Revolut and Fastnet Underwriting and the expansion of coverage to new sectors, including hospitality, SMEs, sports and leisure activities. Since its establishment in 2020, the Office to Promote Competition in the Insurance Market which I will now chair as part of my ministerial duties, has supported the expansion of insurer risk appetite, creating a more competitive insurance sector.”
“I thank the Deputy for raising this question and for his advocacy in this area over many years. We all have a similar objective, which is to ensure that we have fair insurance premiums for the citizens of the country. I recognise the concerns felt by many households, community organisations and small businesses across the country about the cost and availability of insurance cover. As the Deputy is aware, neither the Minister for Finance nor the Central Bank of Ireland can intervene in insurance pricing or provision under the EU's Solvency II directive. Notwithstanding this, the programme for Government, Securing Ireland's Future, commits to a range of insurance sector reforms. The publication of a new action plan on insurance reform is a programme for Government commitment.”