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Minister of State, with special responsibility for Financial Services and Insurance, Michael D’Arcy T.D., today published the first Motor Insurance Key Information Report of the Cost of Insurance Working Group (the Working Group). Commenting on today's publication Minister D'Arcy noted that,
"This first report is the start of a process to improve data transparency in the insurance sector and demonstrates the value and need for the National Claims Information Database. It is particularly welcome as laying the groundwork for the effective establishment of the National Claims Information Database next year."
A common theme that emerged from discussions with stakeholders during the deliberations of the Working Group was that an improvement in transparency, facilitated by additional collection and publication of data, was essential. The Working Group’s Report recommended the establishment of a National Claims Information Database, by the Central Bank of Ireland (Recommendation 11). This Database is expected to be in place by Q2 2018.
Pending the establishment of the Database, the Cost of Insurance Report also recommended that the Minister for Finance publish key aggregated metrics on claims costs and trends within the market on a quarterly basis (Recommendation 12). A Sub-group of the Cost of Insurance Working Group, chaired by the Department of Finance, was established in January 2017 to implement these recommendations.
Today’s publication meets the requirements of Recommendation 12 of the Working Group’s Report on the Cost of Motor Insurance.