Richard Boyd Barrett
Ceist:259. Deputy Richard Boyd Barrett asked the Minister for Finance the most up to date figures for the amount paid out annually in motor insurance claims by each insurance company. [25563/20]
Amharc ar fhreagraTuesday, 22 September 2020
Ceisteanna (259)
Freagraí scríofa
As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. As such, my Department does not collect the type of information being sought by the Deputy. However, in order to address the Deputy's question, my officials contacted the Central Bank of Ireland (CBI) to request the most recent information from the National Claims Information Database (NCID) which falls within its responsibility. This is available in Annex 2 of the 2019 NCID private motor insurance report published on the CBI website (https://www.centralbank.ie/statistics/data-and-analysis/national-claims-information-database).
The NCID Report shows that the total claims paid by insurers in respect of motor insurance in nominal figures in financial year 2018, before recoveries from reinsurers, amounted to €707,388,401. The CBI noted that this data is an aggregate figure which relates to 90 per cent of the market in terms of coverage (based on the proportion of total premium earned in 2018), and that this should be borne in mind when using the data. With respect to firm-level information, it is not possible to provide the Deputy with this as the NCID legislation prohibits the publishing of data for individual companies. The Deputy should also be aware that claims paid in a particular financial year will include payments made in respect of accidents that happened in prior years.
The relevant data for 2019 will be included in the 2020 NCID private motor report, which the Central Bank is due to publish at the end of October 2020. I look forward to the publication of this report, as I believe that it makes a significant contribution to increasing transparency in the Irish motor insurance sector. This is particularly important in light of recent developments in relation to the Central Bank’s findings at the conclusion of the first phase of its review on differential pricing, as well as the CCPC’s preliminary findings in its investigation into the motor insurance sector.
Finally, the Deputy should be aware that that the CBI signed new regulations recently which formally extend the scope of the NCID to now include employer liability and public liability insurance claims. I understand that the first report of the NCID including such information will be published in the first half of 2021. This is an important development as I believe it will increase transparency in other parts of the Irish insurance market relevant to small businesses and is a further element of the ongoing reform agenda for this sector.