The Minister of State with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, today (22 June) welcomed the publication by the Central Bank of Ireland of the second National Claims Information Database (NCID) report on Employers’ Liability (EL), Public Liability (PL) and Commercial Property Insurance.
“I welcome the publication of this report as it strengthens our understanding of issues effecting businesses and community organisations around the country.
There is a rich source of official data from this report, based on industry level data. The NCID will continue to be enhanced in the coming years, and enable us to analyze market developments.
Ireland is unique in the EU in having this level of information and transparency available to policy makers allowing us have a high degree of understanding in terms of industry-level developments.
The Report found that 57% of “packaged” EL/PL/commercial property policies had premiums of less than €1,000 and 92% less than €5,000. Only 2% had premiums over €25,000.
It is important to emphasize that, once again, the report shows that settlements settled through the Personal Injuries Assessment Board (PIAB) are faster and have lower legal costs than those settled by litigation, despite having similar award levels for claimants.
This demonstrates that greater utilisation of the PIAB, alongside consistent implementation of the recent Personal Injuries Guidelines by insurers, the PIAB and the Courts, is important to increase stability in the insurance market and ensure that EL/PL products are available and affordable for all businesses.
I look forward to the separate publication of the fourth private motor insurance NCID report later this year, which will provide data up to the end of 2021, and should show some initial insight into the impact of the Personal Injuries Guidelines (which came into effect in April 2021).
Separately, the Government’s insurance reform agenda is continuing under the Action Plan for Insurance Reform. Key priorities now include reform of the PIAB (responsibility of the Minister for Enterprise, Trade and Employment) and a rebalancing of the duty of care/Occupiers’ Liability Act 1995 (responsibility of the Minister for Justice).
These measures, alongside consistent implementation of the recently implemented Personal Injuries Guidelines by insurers, the PIAB reform and the Courts, should help to improve the affordability and availability of insurance for businesses.”