Dáil Éireann Debate, Tuesday - 28 June 2016
98. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Question No. 107 of 16 June 2016, the number of claims motor insurance companies paid by amounts paid in respect of personal injuries, vehicle damage, legal fees and so on by year; and if he will make a statement on the matter. [18440/16]
View answerThe annual Private Motor Insurance Statistics report published by the Central Bank of Ireland is compiled from policy level data submitted by Insurance Ireland to the Central Bank. The most recent such Report which is for the year 2013 is available on the Central Bank's website at http://www.centralbank.ie/polstats/stats/motorins/Documents/Private%20Motor%20Insurance%20Statistics%202013.pdf.
I am informed by the Central Bank that it does not publish the number of claims that the total amount of motor liability claims pay-outs relate to. However, it stated that the annual Private Motor Insurance Statistics report does provide a significant amount of information in relation to motor insurance claims development costs.
I am further informed by the Central Bank that in the context of the data submitted to it by Insurance Ireland, it is not possible to obtain a comprehensive assessment of all costs and revenues relating to motor claims. This is because the submission from Insurance Ireland does not supply data on additional claims-related costs, including: estimates on the cost of claims incurred but not yet reported (IBNR) to insurers, changes in estimates of existing claims for prior year accidents and contributions to the claims against uninsured motorists paid to the Motor Insurers' Bureau of Ireland. Other costs not included are distribution, commissions, expenses, reinsurance and taxation.
Aside from the annual Private Motor Insurance Statistics Report a significant amount of additional claims data is available through the Central Bank's Insurance Statistical Review, Insurance Ireland's Annual Fact-file, the Companies Registration Office and commercial organisations who collate and sell claims data to interested parties.
As I have highlighted to the House previously, the lack of data presents difficulties from a policy analysis and development perspective in the area of insurance. The issues being examined in my Department's Review of Policy in the Insurance Sector includes the availability of data and the work of the task force will include examining options such as a national claims register and motor insurance policy data. This work will take into account what information is currently available and identify any shortfalls.
