Thursday, 20 September 2018
Central Bank (National Claims Information Database) Bill 2018: Second Stage
Whether it is 70% or 80%, the vast majority of cases are settled outside the board and transparency is needed. We might say it is needed to encourage other companies to enter the insurance market. The data on their own will not be sufficient for other companies. They will want to look at costs, profit margins and so on which are associated. The Bill affords us an opportunity to make the data transparent. I am often conscious that the Government rightly states the Central Statistics Office's figures for last year show a decrease in motor premiums. I think the figure the Minister of State quotes is 11%.