Dáil Éireann Debate, Tuesday - 29 June 2021
155. Deputy Alan Kelly asked the Minister for Finance when the National Claims Information Database compiled by the Central Bank will report on employers liability insurance and public liability insurance; and if he will make a statement on the matter. [34776/21]
Amharc ar fhreagraAs the Deputy will be aware, the whole-of-Government approach being taken to insurance reform through the Action Plan for Insurance Reform, sets out 66 actions across several Government Department policy areas, including the Department of Finance. The cumulative impact of the implementation of these is intended to improve both the cost and availability of insurance for all groups, particularly businesses.
In this regard, one of the key responsibilities of my Department has been to work with the Central Bank to expand the scope of the National Claims Information Database (NCID) to facilitate the collection of data on employer and public liability insurance claims. The technical work has been completed, and the Central Bank expects to publish the first NCID Report on these claims by the middle of July. I anticipate that this new report will provide a wealth of data in relation to this insurance market, which is significant for many businesses and community groups throughout the country.
The report will be the first of its kind, and is expected to offer a valuable insight into several important features of the employers’ and public liability market, including an analysis of premiums, claims, settlements channels and income and expenditure. This enhanced transparency will be key to further developing our understanding of how claims costs are impacting premiums, and in particular, the relationship between the price paid by a customer for a policy and the cost to insurance undertakings.
Over time, further iterations of the report should enable us to assess the impact of other key reforms being undertaken as part of the Action Plan. In particular, future NCID reports on employer and public liability insurance, as well as motor insurance, should reveal whether the savings afforded by the Personal Injuries Guidelines are being reflected in the form of lower premiums. As such, these reports will be a crucial tool to enable Government hold insurers to account on their commitments to pass on savings from lower award levels to consumers.
It may interest the Deputy to know that officials in the Department are already engaging with the Central Bank to consider whether additional enhancements could be made to the NCID to further enhance transparency around the impact of the Guidelines. As such, technical work is required to review the current data specification and how it might incorporate these developments, including potentially though legislation.
In conclusion, I look forward to the publication of the first NCID Report on employers’ and public liability claims shortly, and believe this marks a significant milestone in the insurance reform agenda.
