On 20 April, the Central Bank published a Consumer Protection Bulletin, focusing on the motor insurance industry. The data used was submitted by 24 motor insurers serving Irish consumers in 2016.
The data revealed that:
» the majority of personal motor insurance policies (62%) are provided by Irish authorised insurers;
» 28% of policies are provided by insurers operating in Ireland on a branch basis, with firms operating on a services basis accounting for 10%; and
» 11,502 complaints were reported in H2 2016 from insurers currently providing motor insurance, which account for 0.5% of live policies. Half of all complaints related to pricing issues.
The Consumer Protection Bulletin is available here.
The Central Bank's press release is here.