Dáil Éireann Debate, Tuesday - 21 June 2016
141. Deputy Pearse Doherty asked the Minister for Finance if the figures given in the Central Bank's published insurance statistics are provided by the industry or if they are audited by the Central Bank before publication; and if he will make a statement on the matter. [16944/16]
View answerThe Central Bank of Ireland has informed me that its Insurance Statistics publication contains a summary of the Life Assurance and Non-Life Insurance annual returns as provided by insurers to the Central Bank. In accordance with the European Communities (Life Assurance) Framework Regulations 1994 and the European Communities (Non-Life Insurance Accounts) Regulations 1995, the Life Assurance and Non-Life Insurance annual returns are audited by a person appointed by the firm and duly qualified. The insurance returns are reviewed by the Central Bank prior to inclusion in the Insurance Statistics publication.
Separately, the annual Private Motor Insurance Statistics Report is prepared by the Central Bank, which is charged with the responsibility of continuing the statistical work initiated by the Motor Insurance Advisory Board. The primary purpose of the Report is to examine the level of accident frequency and costs and the related impact upon allocated premium differentials by driver profile. The Report is primarily based on the analysis of policy, premium and claim data. The Central Bank also advises that its Private Motor Insurance Statistics Report is based on policy level data submitted by Insurance Ireland to the Statistics Division of the Central Bank on an annual basis.
The submissions are provided annually in a raw disaggregated format, listing individual policy and claims records for all categories of cover, i.e. comprehensive, third party fire and theft and third party only. A total of twenty variables are associated with each individual record. The Central Bank performs a manual quality check of the data received (sense checking, outlier detection etc.) and follows up with Insurance Ireland on a bilateral basis regarding any queries. Additionally, the Central Bank also employs the services of an external insurance expert to independently assess the annual findings of the Report.
As I have stated previously in the House, the availability of relevant and timely data is necessary to facilitate an in-depth analysis of the insurance sector and, in particular, the factors driving the increasing cost of insurance.
The issues being examined in my Department's review of policy in the insurance sector includes the issue of data and will take into account what information is currently available and identify any shortfalls.
