The costs to business of personal injuries insurance cover, payouts and legal bills are to be tracked in the National Claims Information Database for the first time.
The database, which has revealed key trends in relation to motor insurance premiums, the cost of claims payouts and legal and medical bills, is to be extended to include data on Employers’ and Public Liability Insurance, the Central Bank said. That is the insurance that pays out when a customer or employee suffers an injury on a business premises.
“Credible, publicly available data in relation to Employers’ and Public Liability insurance would benefit all insurance market stakeholders,” the Central Bank said.
The Alliance for Insurance Reform, a lobby group for insurance customers, welcomed the news.
The collection of data will begin in the second half of this year and first report will be published in the first half of 2021.
The most recent National Claims report showed combined legal costs associated with motor insurance injury claims litigated through the courts rose from €92m in 2015 to more than €112m in 2018, a 22pc increase.
The number of cases being litigated before the courts increased by 11pc in the same period, and other costs associated with taking a legal action - including medical costs - plunged by 70pc.
The decision to add public liability information to the database followed a feasibility study.
“It is clear from our study that there is currently a lack of publicly available data in relation to the claims costs and trends for EL and PL insurance. This deficit of data in this area does not allow conclusions to be drawn as to the causes of underlying trends in the EL and PL insurance market. This limits the ability to determine appropriate policy responses to address the issues in this area,” Central Bank Director of Economics & Statistics, Mark Cassidy, said.