Dáil Éireann Debate, Tuesday - 14 June 2016
154. Deputy Pearse Doherty asked the Minister for Finance if the Central Bank is examining how it presents insurance statistics and data related to the insurance sector and in particular to the motor insurance sector; if it will publish these statistics in a more contemporaneous way and in greater detail; and if he will make a statement on the matter. [15389/16]
View answerThe availability of relevant and timely data is necessary to facilitate an assessment of the insurance market in Ireland.
Since the Solvency II regulatory regime became effective from 1st January 2016 there are increased disclosure requirements on both insurance undertakings and supervisors. These requirements have been put in place to foster a uniform level of transparency and accountability and to ensure that the information is easily accessible and comparable. One of the requirements on the Central Bank of Ireland is the publication of aggregate statistical data relating to the insurance undertakings it supervises, including those companies providing motor insurance.
The Central Bank has informed me that the first year for publication of aggregate statistical data is 2017 and will relate to the calendar year ending in 2016. This publication will replace the annual statistical review carried out the Central Bank and the 2015 Statistical Review (due for publication in Sept 2016) will be the final one published by the Central Bank.
The Central Bank also publishes thematic reviews on elements of the insurance sector on an ad-hoc basis, which provides additional data. For example, in 2015 it published the Bodily Injury Thematic Review.
The work on the review of policy in the insurance sector, currently being conducted by my officials will include the issue of data availability and will identify any shortfalls. The requirement for relevant insurance data to be provided on a timely basis and in a suitable format has been raised by my officials with the Central Bank in the context of the review.
