Minister Troy welcomes the publication of the NCID Employers’ Liability, Public Liability and Commercial Property Report 4
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From: Department of Finance
- Published on: 20 March 2025
- Last updated on: 12 April 2025
The Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy, today (Thursday, 20 March) welcomed the publication of the National Claims Information Database (NCID) Employers’ Liability, Public Liability and Commercial Property Report 4 (covering 2023 developments).
Commenting on the developments, Minister of State Robert Troy said:
“I welcome the publication of the NCID report carried out by the Central Bank and the unparalleled insights it provides to the Irish insurance market.
"Delivering effective and impactful insurance reform to drive down insurance costs impacting households, motorists and businesses has been a priority of mine since taking office. The Programme for Government – Securing Ireland’s Future commits to a range of insurance sector reforms. A new Action Plan for Insurance Reform is being developed to enhance competition, transparency, and affordability, building on the progress of the 2020 Action Plan, which delivered key reforms such as rebalancing the Duty of Care, reforming the Injuries Resolution Board, and introducing new Personal Injuries Guidelines.
"Data from the NCID has shown that the Injuries Resolution Board is the fastest and most cost-effective method of resolving personal injury claims, delivering similar awards for claimants in less than half the time as litigation, with significantly less legal costs. Resolving cases outside of court reduces claim costs and settlement times, which should reduce premiums, benefiting all parties.
"After a number of years of losses dating back to 2011, the NCID data shows that the insurance market was profitable again in 2023. It is regrettable that insurers have been slow to pass on savings to customers, despite significant government reforms in the sector. With the reforms beginning to embed, insurers must begin prioritising accountability, transparency and fairness, ensuring customers are paying a fair price for their insurance premiums. I have met with Insurance Ireland and the major insurers over the last number of weeks and have pressed upon them that I fully expect savings from the reform agenda to be passed on to customers in the form of reduced premiums and expanded risk appetite.
"The NCID remains the most useful instrument for assessing price developments in the insurance sector and the Programme for Government commits to facilitate faster data release from the NCID to ensure that data collected is readily available to support market transparency. The Department of Finance and the Central Bank are regularly engaging on this matter. The Central Bank hope to publish a report with H1 2024 data by the middle of this year. Such developments are welcome as greater data transparency is important for policy development."
Notes
The Central Bank of Ireland has today (Thursday, 20 March 2025) published the Employers’ Liability, Public Liability and Commercial Property Report 4 (covering 2023 developments).
The NCID is a repository that stores information on the cost of non-life insurance claims. The Central Bank of Ireland is responsible for collecting the information and managing the NCID under the Central Bank (National Claims Information Database) Act 2018. Report 4 covers 2023 developments.
The purpose of the NCID is to improve transparency around the cost of settling claims, and the impact this has on the cost of insurance. It achieves this by storing claims data at a greater level of detail than in the past. This enables better analysis and improved decision-making in relation to the cost of insurance.
The Report notes that the data specification for the NCID will continue to be reviewed, and amended where necessary to enhance the insight that can be gained from the data.