Minister of State Carroll MacNeill notes the publication of the NCID Report on Employers’ Liability & Public Liability Insurance

Jennifer Carroll MacNeill TD, the Minister of State for Financial Services, Credit Unions and Insurance, following the publication by the Central Bank of Ireland of the National Claims Information Database (NCID) Employers' Liability, Public Liability and Commercial Property Insurance Report 3, covering the period up to the end of 2022, stated:

"The availability of insurance and price of cover remain important features of doing business in Ireland today, especially for small businesses who trade in public facing operations.

What's not captured in the Central Bank report is the new Duty of Care environment since July 2023 following Government amendments to the Occupiers' Liability Act 1995. Businesses now know with confidence that the issue of 'slips, trips and falls' has been legislated for and the market has become more fairly balanced for all. This new environment will help deliver major benefits to businesses in the future when it comes to securing more favourable insurance cover at renewal time.

I note the annual change in business insurance for 2022 mirrored the 7.8 per cent inflation rate at that time. As the rate of inflation has since eased, it is my expectation that we will see the same happen in relation to business insurance premiums. I will continue to raise these two issues with the insurance industry on behalf of businesses when I meet them and expect that we will see the impact of the reforms, as well as the softer inflationary environment feature in future iterations of the NCID reports.

As with all previous NCID reports, this edition demonstrates the significant cost and time savings that arise from using the Injuries Resolution Board as opposed to litigation to settle claims. Using the Board more means that we can achieve quicker outcomes for anyone with an injury, but with a much lower cost overall. These costs - in particular higher legal costs arising from litigation - are passed on to all consumers in the form of increased premium prices. That is why Government has enhanced the Board, to ensure it retains as many claims as possible."

Notes to Editors:

The Central Bank of Ireland has today (Thursday, 04 April 2024) published the third Employers' Liability, Public Liability and Commercial Property Insurance Report of the National Claims Information Database (NCID).

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. The third report covers the period up to the end of 2022.

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.