Senior Ministers have been drafted in to strengthen the Government’s approach to insurance reform after the previous administration’s efforts to bring down costs to consumers fell short. ‘Competitive issues’The reform agenda will still be led, however, by a junior minister in the Department of Finance. The programme for government promises to “prioritise reform of the insurance sector” and to address high claim payouts and “competitive issues” to build an insurance system “which is affordable and reliable and underpins a vibrant economy”. Sources said that previous efforts to reform the sector had partially fallen flat due to a lack of political capital invested by Cabinet ministers in the reform programme. “The purpose of this week’s Ministerial meeting was to discuss how to take forward the implementation of this cross departmental insurance reform agenda.”

Source: The Irish Times July 18, 2020 01:29 UTC