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    National Competitiveness and Productivity Council Bulletin 21-1

    Insurace-bulletin-Cover-Copy-9
    Date:25 February 2021 
    Source: NCPC
    Topics: Competitiveness Bulletins

    A well-functioning insurance market is a vital component of economic activity and financial stability. Liability insurance, which includes employers’ liability (EL) and public liability (PL) insurance, is a key facilitator of activity in both the commercial and non-commercial sectors of the economy, as it allows organisations to transfer some of their risks to firms that specialize in absorbing risk. In doing so, organisations are able to undertake a broader range of activities and, in particular, a higher level of economic activity than they would otherwise have been able to achieve.

    The Council has examined insurance costs before because of the compelling evidence that the price of EL and PL insurance undermines the competitiveness of the Irish businesses. Considering the Government’s recent policy commitments, as set out in the Action Plan for Insurance Reform, this bulletin examines a number of issues relating to the cost competitiveness of commercial insurance in Ireland.

    In particular, the Council views actions in the three areas, namely, measures that will facilitate the swift adoption of new Personal Injuries Guidelines that will replace the Book of Quantum,measures to enhance and reform the role of the Personal Injuries Assessment Board, and measures to promote competition in the insurance market, as crucial to addressing the issue of high insurance costs and easing the concerns around availability of insurance in Ireland.

     

    The bulletin can be accessed here.

    The accompanying press release is available here.