Michael McGrath (Cork South Central, Fianna Fail)
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184. To ask the Minister for Finance the number of insurance claims filed in each of the years 2015 to 2018; the overall amount paid out on claims by insurance type; and if he will make a statement on the matter. [7016/19]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to note that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation and my Department does not collect the type of information being sought by the Deputy. I understand that the Central Bank of Ireland does not routinely collect the type of information being sought either.

While the Deputy’s query relates to insurance claims generally, I note that the Central Bank of Ireland does collect certain relevant data in relation to motor insurance claims specifically. In this regard, I would refer the Deputy to a Parliamentary Question which I responded to him on, on 24 July 2018 which detailed information provided to me by the Central Bank of Ireland at that time in respect of the amount paid out on motor insurance claims in the years 2013 – 2017. The updated data for 2018 is not available yet.

In addition, the Deputy will be aware that the Oireachtas recently passed the legislation to provide relevant powers to the Central Bank of Ireland to establish the National Claims Information Database. The Deputy may like to note that the Central Bank (National Claims Information Database) Act 2018 was commenced by the Central Bank (National Claims Information Database) Act 2018 (Commencement) Order 2019 (S.I. 2 of 2019) on Monday 28 January 2019. The Central Bank plans to collect claims data for the National Claims Information Database from insurance undertakings in the first half of 2019, with a view to publishing its first annual report under the legislation in the second half of the year. It is expected that the Central Bank will collect and publish motor insurance claims information in respect of the last 10 years, including the number of claims reported and settled, the amounts paid on claims, the incurred cost on claims (i.e. the amount paid plus the outstanding amount to be paid, if any), and the actuarial estimate of the final cost of claims i.e. ultimate costs.

While the National Claims Information Database will focus on private motor insurance initially, the underpinning legislation has been developed in such a way as to allow its scope to increase over time. In this regard, the Cost of Insurance Working Group recommended in its Report on the Cost of Employer liability and Public liability Insurance that by the end of this year, the Central Bank produce a report on the merits and feasibility of collecting employer liability and public liability insurance data for inclusion in the National Claims Information Database.