Dáil Éireann Debate, Tuesday - 26 April 2016
110. Deputy Marc MacSharry asked the Minister for Finance to introduce greater transparency for insurance companies in order to help curb the rising cost of motor insurance; and if he will make a statement on the matter. [8503/16]
View answerMy Department has commenced a Review of Policy in the Insurance Sector. This is being undertaken in consultation with other Government Departments and Agencies, the Central Bank of Ireland and relevant stakeholders.
The objective of the Review is to recommend measures to improve the functioning and regulation of the insurance sector. This Review will include an examination of the factors contributing to the cost of insurance and the issue of the availability of reliable insurance data has already been raised. The current lack of available data presents difficulties from a policy analysis and development perspective.
As well as for policy and statistical analysis, insurance data can be very useful in the drive to reduce insurance fraud and reduce the numbers of uninsured drivers on the roads. My colleague, the Minister for Transport, Tourism and Sport, is raising specific issues with the insurance industry in relation to the establishment of a motor insurance database. The cooperation of the insurance industry is important if progress is to be made on this issue.
The Review of Policy in the Insurance Sector which will continue over the coming months and is expected to be completed by the end of this year. The final report will be presented to Government in due course.
