Oireachtas Joint and Select Committees

Wednesday, 3 November 2021

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

Challenges to Ireland's Competitiveness: Discussion

Mr. Oliver Gilvarry:

The claims database was established by the Central Bank on the insurance side. It shows the level of claims and the breakdown of claims - how much goes to the award and how much relates to legal fees. Something we have seen previously - the council has called for this for a number of years - has been the lack of information in respect of insurance. The more data you have coming through - we have seen that with the database - the more information policymakers have to move forward and identify what changes need to be made. The first Central Bank report on the national claims database was published more than a year ago. It identified that in reality the award to the individual, whether it was through the PIAB or going through the courts, was pretty much the same. It highlighted again the issue of needing to identify legal costs and also to look at the book of quantum. There is more information that we have coming through, and there is the expansion of that into EL and PL. The first report on that, which will be coming out from the Central Bank in the next week or so, will identify whether things are moving in the right direction or whether policy action has to be taken. It also will allow entities such as the council to look at the data and put forward recommendations to Government.