The cost of insurance working group’s report on the cost of motor insurance was published in January 2017 and makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are set out in an action plan.
In line with the commitment to publish quarterly update reports on the implementation of the recommendations, the working group has published four update reports to date, most recently on 20 February last. This report shows that of the 46 separate deadlines set during 2017 in the action plan, 39 have been met. Substantial work has also been undertaken in respect of the nine action points categorised as "ongoing".
In respect of the seven actions which were not fully completed in 2017 as scheduled, three relate to legislation issues while another requires further discussion, and subsequent final agreement, between the Department and Insurance Ireland. Another outstanding action is contingent on the establishment of the new office of the legal costs adjudicators, which currently is expected to occur by July 2018. The remaining two actions both relate to recommendation No. 26, which requires the approval of both the Minister for Justice and Equality and the Garda Commissioner for potentially far reaching co-operative mechanisms between Insurance Ireland and An Garda Síochána to be formalised and is still under consideration.
Significant progress has been made in respect of the implementation of all seven of the aforementioned actions, particularly regarding the establishment of a new national claims information database. Overall, a considerable amount of work has been undertaken to address the issue of the cost of motor insurance by implementing the recommendations in the report.
It should be noted that the average cost of motor insurance has been consistently falling since the middle of 2016. The ongoing implementation of the motor report recommendations is contributing to this trend. The most recent CSO data show that the reduction is 18.1% since July 2016.