Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

We want to ensure that we get the first year's information correlated correctly and appropriately. The information will be collated and we want to move into public liability at that stage. Public liability and employer's liability insurance is more difficult than motor insurance. I have highlighted that from day one. It is much more diverse, there are many more sectors and much more work involved in that. We want to try and start with the NCID for motoring first because that is where there are the most claims in the largest amounts.

The extension of the NCID to cover employer's liability and public liability insurance will increase transparency for these types of non-life insurance. The Act has been drafted to allow for the extension of the scope in line with the recommendations. The Central Bank has initiated a project to study the merits and feasibility of expanding the scope to employer's and public liability. The bank will engage with external stakeholders, including industry and consumer representative groups to convey the key data requirements for employer's and public liability. The bank will research the employer's and public liability insurance environment in other jurisdictions, including focusing on data availability. The bank plans to produce a feasibility report for the cost of insurance working group by quarter four of this year, including recommendations for employer's and public liability data submission requirements.

The work has started on this. It will not be available for analysis before the end of this year but the thought process has started to try and move into the employer's and public liability space immediately.