Motor insurance claims database to be established
The Government wants a ‘more in-depth’ analysis of claims trends
While the Bill will initially focus on private motor insurance, it will be drafted in such a way as to allow other forms of insurance to be covered. Photograph: iStock
A database to keep track of motor insurance claims will be established after a Bill was approved for drafting by Government.
The move is designed to develop an understanding of how claims costs are affecting insurance premiums for motorists.
The Central Bank (National Claims Information Database) Bill will establish a database to “facilitate a more in-depth annual claims trends analysis of motor insurance claims”, the Government said.
“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,” said Minister for Finance Paschal Donohoe.
While the Bill will initially focus on private motor insurance, it will be drafted in such a way as to allow other forms of insurance to be covered “as circumstances require”. It also allows the Central Bank of Ireland to penalise insurance companies who don’t provide the information required.
Costs to the Central Bank in relation to the Bill will be met by levies imposed by the bank and/or the exchequer if a shortfall arises.
Representatives from the Central Bank, the State Claims Agency, Personal Injury Assessment Board, the Central Statistics Office and the Society of Actuaries are on a subgroup chaired by the Department of Finance set up to oversee the development of the database which is due to be established in 2018.