Pat Buckley (Cork East, Sinn Fein)
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73. To ask the Minister for Finance if he will confirm that the publication of the Central Bank’s NCID liability report for the full year of 2023 will take place before the end of the current year, in the interest of ensuring a timely consideration of this important data in the context of the Government’s programme of insurance reform; and if he will make a statement on the matter. [43506/24]

Jack Chambers (Dublin West, Fianna Fail)
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Transparency in the functioning of the insurance market remains a key Government focus and represents an important part of the ongoing insurance reform agenda. Accordingly, the introduction of the National Claims Information Database (NCID) within the Central Bank of Ireland (CBI) was a central step change in improving transparency, providing information and creating an evidence base for policy formation.

To date, the Central Bank has published multiple annual NCID Private Motor Insurance Reports, and three annual reports on Employers’ Liability, Public Liability and Commercial Property Insurance. My officials have engaged with the CBI and it has advised that the next annual NCID report on Employers’ Liability, Public Liability and Commercial Property Insurance, covering data up to 31 December 2023, will be published by Q1 2025.

It is important to note that the CBI is independent in the performance of its functions, and I look forward to the publication of its report, as it will provide important insights into insurance for businesses, as well as many community, voluntary and sports groups throughout the country. This follows and builds upon the NCID release covering data up to mid-2023 for settled claims in Employers’ Liability and Public Liability insurance, published in July.

Ireland is unique in the EU in having this level of quantitative insight into the insurance sector, allowing us to analyse and understand industry-level developments. To reiterate, the NCID is a vital tool for policymaking, and I believe it will remain a valuable resource to enable us to monitor the impact of developments in the market, including the range of Government reforms delivered in recent years via the Action Plan for Insurance Reform.