Ireland’s Insurance Crisis – The Facts

The Alliance for Insurance Reform has launched an infographic summarising key facts about the Irish insurance industry.

Commenting on the publication, Linda Murray, director of the Alliance and owner of Huckleberry’s Den play centre in Navan said “one of the most frustrating things about the insurance industry is the lack of reliable, impartial information. The figures in this infographic really help clarify the scope of the crisis and the challenges facing us”.  

Peter Boland, director of the Alliance said “The absence of any real data from the State and its agencies has not only undermined the State’s ability to supervise the insurance industry but it has also created a vacuum into which vested interests have poured a stream of selective, self-serving data and research.  

The most serious examples of that transparency vacuum include:

  • The abolition of the Blue Book insurance industry statistics by the Central Bank since 2015 with no replacement data proposed or planned.
  • The abolition of the Private Motor Insurance Statistics (PMIS) by the Central Bank since 2015 with no replacement data proposed or planned.
  • The delay in the production of National Claims Information Database (NCID) motor insurance statistics until the second half of 2019 at the earliest. This data will be claims-based and will not replace the policyholder data in the PMIS.
  • No firm plans to produce Liability insurance data in the NCID – proposals due end 2019.
  • No CSO statistics on Liability insurance – proposal from CSO due this summer.
  • Review of the impact of the 2014 changes in Court jurisdictional limits by the Department of Justice and Equality – due to be completed in Q2 2018 but still not completed.
  • Report on the impact of legal and other fees on personal injury awards. Again, this report was due to be completed in Q2 2018. It hasn’t commenced yet and the latest update suggests that it will take 2-4 years before data is available.

To view the fact sheet click HERE