Action Plan for Insurance Reform – Establishment of a Databank for new entrants to the Irish Insurance Market

The Programme for Government (PfG), published in October 2020 set out a range of measures with a view to prioritising insurance reform with particular emphasis on motor, public liability, and employer liability insurance.

The Government subsequently established a Sub-Group on Insurance Reform within the Cabinet Committee on Economic Recovery and Investment (CCERI).  This was formally established in September 2020 and is chaired by An Tánaiste.  The first task of the Sub-Group was to develop an Action Plan for Insurance Reform to reflect the commitments made in the Programme for Government and the associated timeframes for delivery of the commitments.

One of the actions within the plan relates to the establishment of a databank within the Central Bank for new entrants to the Irish insurance market.  Responsibility for delivery of this action was assigned to the Department of Finance and the Central Bank of Ireland.

In line with that action, the Central Bank is publishing Key Insurance Information Overview that provides an overview of information and data related to the insurance sector in Ireland. This brings together key regulatory and market information that is currently published by the Central Bank and aims to be an accessible information source for potential new entrants to the Irish insurance market.

The Key Insurance Information Overview will be updated on an annual basis.