Minister Troy welcomes NCID data publication and calls on industry to pass on savings as a result of Government reform

The Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy, has today welcomed the publication of the National Claims Information Database (NCID) Private Motor Insurance Report 7 (covering 2024 developments).

The report shows that the majority of all claims are now being settled under the new Personal Injuries Guidelines, representing a significant move away from the Book of Quantum system. The report also shows that smaller litigated claims settled under the Personal Injuries Guidelines have lower compensation costs than similar claims settled under the Book of Quantum, highlighting the positive impact of the Personal Injuries Guidelines in reducing claims costs.

The report demonstrates that the Injuries Resolution Board has an important role to play and continues to be the fastest and most cost-effective way of resolving personal injury claims. It achieves a comparable award for claimants in approximately half the time compared to litigation, with significantly lower legal costs. By resolving cases outside the courts, it reduces both claim costs and settlement times, which should result in lower premiums and benefit all policyholders. Affordability, however, remains a challenge. The report outlines that the average written premium in 2024 was €623, up 9 per cent year-on-year.

Commenting on the report, Minister of State Robert Troy said:

“I welcome today’s publication of the NCID report by the Central Bank of Ireland which provides invaluable data and insights into the insurance market. The Government is keenly aware of the impact of the cost of insurance on consumers. It is reasonable for consumers to know what they are paying for and the reasons for premium increases. While the Government has delivered reforms that reduced claims costs and provided insurers with more predictability, insurers have been slow to pass on savings to consumers. I have been emphatically clear with the insurance industry that I fully expect the cost savings achieved through the reform agenda to be passed on to consumers in the form of reduced premiums.

Greater transparency is fundamental to restoring trust and fairness in the insurance market, and I am determined to bring further transparency to the sector with the new Action Plan for Insurance Reform. Work has commenced on the development of a Transparency Code for the insurance sector which will require insurers to provide simple and comparable explanations of how premiums are formed, and what broader factors influence pricing. The Code will ensure that the insurance market operates with integrity and that consumers are empowered to make informed decisions. It's long overdue that the benefits of the Government's reform agenda be passed on to consumers and businesses. I call on the insurance companies to ensure that these reforms are felt directly by their customers through increased transparency and lower premiums.”

Notes to Editors:

The Central Bank of Ireland has today (Friday, 31 October 2025) published the Private Motor Insurance Report 7 (covering 2024 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 7 covers 2024 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.

ENDS