Seán Crowe (Dublin South West, Sinn Fein)
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44. To ask the Minister for Finance if he has discussed the statistics on motor insurance prices with the CSO; and if he will make a statement on the matter. [9957/19]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Deputy should note that my Department has had several discussions with the CSO in relation to motor insurance pricing statistics, through the Cost of Insurance Working Group, and the Data Sub-group of the Working Group.

I understand that in relation to the preparation of the CSO statistics on the price of motor insurance, the CSO uses a variety of detailed profiles (including car age, car model, driver experience, driver history) sent directly each month to motor insurance companies that represent a substantial portion of the market share. The profiles each company receives remain consistent each month so that the CSO can use a continuous "like with like" comparison in the best way possible and in this regard each company is sent a representative set of profiles for their consumer base. The risks vary based on the detail contained in each of the profiles in order to get a larger spread of the realistic market.

It is important to recognise that these statistics represent a long established series of pricing information, which a number of years ago indicated a sharp increase in the cost of motor insurance, prompting the establishment of the Cost of Insurance Working Group, and which now indicate that pricing in the private motor insurance market has stabilised over the last year, albeit it is accepted that premiums may still be at a high level for many people. I remain satisfied that the CSO statistics are representative of motor insurance price development, and I welcome in particular the direction of travel that the CSO index has displayed since it peaked in July 2016.

Finally, by way of further information to the Deputy, I understand that the CSO recently presented the Working Group with its Report into the feasibility of collecting price information on the cost of insurance to businesses, in accordance with Recommendation 1 of the Working Group’s Report on the Cost of Employer Liability and Public liability Insurance.

The CSO is preparing to publish this Report shortly.