Dáil Éireann Debate, Tuesday - 26 May 2026
450. Deputy Louis O'Hara asked the Tánaiste and Minister for Finance the actions his Department is undertaking to improve transparency for motor insurance customers to understand how a motor insurance company calculates their motor insurance premium; and if he will make a statement on the matter. [39437/26]
View answerThe Government is firmly committed to delivering measures to improve transparency for motor insurance customers. This commitment is being progressed through the Action Plan for Insurance Reform 2025–2029. The Action Plan sets out a number of priority actions, focused on areas where the greatest impact on transparency, affordability and availability of insurance can be achieved.
As part of this, a new Motor Insurance Transparency Code was launched on 2 March 2026. The Code is designed to enhance trust, clarity, transparency, and understanding in how motor insurance premiums are communicated to consumers.
Implementation of the code is currently underway on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance within firms. There has been very strong industry engagement with the Code to date, with companies representing approximately 98 per cent of the private motor insurance market committing to implementing the Code, bringing over 2 million policyholders within its scope. It is expected that policyholders will begin to see the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement, from Q3 2026 onwards.
The Premium Summary Statement is a brief, clear document outlining the current and previous premiums, the change between them, and the main factors influencing that change, such as: driving history, vehicle details, location. The Annual Market Overview Statement will explain in simple terms how broader market factors like repair costs, injury trends, and claims patterns along with risk pooling, influence motor insurance premiums in Ireland. The Central Bank is also looking at how transparency can be further enhanced through the data collected by the National Claims Information Database.
The Department of Finance and the Central Bank will continue to engage closely with industry through the working group to ensure effective implementation and to support the ongoing development of the Code.
