Grace Boland (Dublin Fingal West, Fine Gael)
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49. To ask the Minister for Finance to provide the total amount paid out by the Motor Insurance Bureau of Ireland for the years 2021, 2022 and 2023, in tabular form; and if he will make a statement on the matter. [24696/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Motor Insurers’ Bureau of Ireland (MIBI) is a not-for-profit organisation, established to compensate the victims of road traffic accidents caused by uninsured and unidentified vehicles.

Officials in my Department have engaged with the MIBI, who have confirmed that the total compensation provided by the MIBI between 2021 and 2023 is as set out in the following table:

Pursuant to the Insurance (Amendment) Act 2018 (the 2018 Act), the MIBI also manages and administers the Motor Insurers Insolvency Compensation Fund (MIICF), which was established following the commencement of the 2018 Act.

Further to my officials’ engagement with the MIBI, the MIBI have confirmed that the payments made from MIICF to the ICF, as set out in the following table:

The MIICF is funded by contributions from those insurers who provide motor insurance in Ireland. Before the establishment of the MIICF, in the event of an insurance provider becoming insolvent, the maximum compensation that could be provided was 65% of the compensation due to the victim through the Insurance Compensation Fund (ICF). Following its establishment, the MIICF effectively functions as a source of bridging funding in those circumstances, enabling the victim to receive 100% of the applicable compensation.