Tuesday, 12 March 2019

Ceisteanna (100, 101)

Michael McGrath

Ceist:

100. Deputy Michael McGrath asked the Minister for Finance the amount paid by policy holders by way of insurance premiums in each of the years since 2010 in respect of class 1 business motor insurance in tabular form; and if he will make a statement on the matter. [11637/19]

Amharc ar fhreagra

Michael McGrath

Ceist:

101. Deputy Michael McGrath asked the Minister for Finance the amount paid by policy holders by way of insurance premiums in each of the years since 2010 in respect of class 2 business motor insurance in tabular form; and if he will make a statement on the matter. [11638/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I propose to take Questions Nos. 100 and 101 together.

As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. My Department does not collect the type of information being sought by the Deputy. As the day to day supervision of insurance undertakings is a matter for the Central Bank of Ireland, my officials consulted with the Central Bank in respect of the information sought and it has confirmed that it does not collect this information either.

I would note that initially at least this type of information will not be collected by the National Claims Information Database as its focus in the first instance will be on private motor insurance claims. However, I recognise that there is a view from some stakeholders that it would be desirable to expand its scope to other lines of business, such as commercial motor insurance. For this reason, the Central Bank (National Claims Information Database) Act 2018 facilitates the expansion at a later stage should it be considered feasible.

I understand that Insurance Ireland publishes some information in relation to the gross written premium for commercial motor insurance, however this is not split into class 1 and class 2 In that regard, I understand, from the 2016 Insurance Factfile that €444.6 million was the gross written premium for commercial motor insurance. This represents approximately 26% of the overall gross written premium for motor insurance. The corresponding gross written premium figures for private motor insurance were €1.2 billion, which represents 74% of the overall gross written premium. The Deputy will be able to find similar information for years prior to this in previous year’s Insurance Factfiles on Insurance Ireland’s website.