CSO decision leaves no insight to cost of insurance for businesses

The Alliance for Insurance Reform has condemned the Central Statistics Office’s (CSO) decision to abandon plans to track the cost of insurance for businesses and voluntary groups.

The CSO said it carried out a pilot project on collecting price information on the cost of business insurance, but it decided the information was not robust enough.

Peter Boland, director of the Alliance stated: “Since the Central Bank abolished the Blue Book in 2015, there has been absolutely no data oversight of the Irish insurance market for businesses or voluntary groups.

“While the work of the National Claims Information Database on motor insurance is welcome and has been a revelation, small businesses, charities, sports and cultural organisations and community groups have no clarity as to why their premiums have rocketed in the last five years, to the extent that many are faced with not being able to afford to reopen after lockdown.”

The Central Bank is due to publish its first National Claims Information Database liability report in the first half of 2021.

Mr Boland called on the Government Cabinet insurance sub-committee to ensure that this happens early in the year.

“There must be nowhere to hide for the vested interests who have used this data void so much to their advantage over the last five years. Transparency is a matter of absolute urgency now,” he said.

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