Newstalk
Newstalk

15.39 22 Dec 2017


Share this article


The Government has approved the drafting of a bill which would set up a National Claims Information Database for the motor insurance industry.

The Central Bank (National Claims Information Database) Bill is one recommendation from a report of the Cost of Insurance Working Group, which was chaired by Minister of State Michael D'Arcy.

The database would facilitate more in-depth annual analysis of motor insurance claim trends.

This was seen as key to developing an understanding of how claims costs are impacting premiums.

It would also look at the relationship between the price paid by a customer for motor insurance, and the cost to insurance undertakings.

A data subgroup, chaired by the Department of Finance, was set up to oversee the development of the database and the underpinning legislation.

Its membership includes representatives from the Central Bank, the State Claims Agency, Personal Injury Assessment Board (PIAB), the Central Statistics Office and the Society of Actuaries.

The Central Bank has also begun work on developing technical specifications of the database and is consulting with industry on this.

The database is due to be established in 2018, but this will be subject to the Oireachtas agreeing on relevant legislation.

It is hoped allowing the Central Bank to collect the data will lead to a fall in the cost of cover.

Welcoming the decision approving the draft bill, Finance Minister Paschal Donohoe said: "This represents an important milestone in the implementation of one of the key recommendations of the Cost of Insurance Working Group's Report on the Cost of Motor Insurance.

"It is essential that there is an improvement in transparency around what has caused motor insurance premiums to be so volatile both up and down over relatively short periods of time.

"I look forward to having the National Claims Information Database put in place."

A public consultation on the draft bill will follow in January.


Share this article


Read more about

News

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

BEST OF NEWSTALK

BEST OF NEWSTALK

00:15-07:00

Share

Up next

DOCUMENTARY AND DRAMA ON NEWST...

DOCUMENTARY AND DRAMA ON NEWSTALK

07:00-08:00

Share

BETWEEN THE LINES

BETWEEN THE LINES

08:00-09:00

Share

BOBBY'S LATE BREAKFAST

BOBBY'S LATE BREAKFAST

09:00-11:00

Share

ON THE RECORD

ON THE RECORD

11:00-13:00

Share

OFF THE BALL

OFF THE BALL

13:00-18:00

Share

TECH TALK

TECH TALK

18:00-19:00

Share

TALKING HISTORY

TALKING HISTORY

19:00-20:00

Share

TALKING BOOKS

TALKING BOOKS

20:00-21:00

Share

UNDER THE COVERS

UNDER THE COVERS

21:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

00:00:00 / 00:00:00

Share on