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The CBI publishes Private Motor Insurance Report of the National Claims Information Database
The Central Bank of Ireland (CBI) published the 2025 mid-year private motor premium report on 7 May 2025. Private motor insurance was the first class of insurance to be included in the National Claims Information Database when it was established as a repository for aggregate claims data for the purposes of bringing increased transparency around the cost of claims.
The report, which is based on data up to and including the first half of 2024, highlights key findings and emerging trends in private motor insurance premiums. Figures show that the average motor-insurance premium rose by 9% in the first half of 2024 compared with the same period in 2023, with the average premium for the period costing €616. The proportion of policies which contain comprehensive coverage continues to increase, making up 93% of all policies. Average premiums remain lower than their highest point of €702 in 2018. However, the cost of private motor insurance has been steadily rising since 2022.
The CBI updates General Good Requirements for Insurance and Reinsurance Undertakings
On 8 May 2025, the CBI issued its updated General Good Requirements for Insurance and Reinsurance Undertakings. The updated requirements replace the previous version which has applied from September 2019. The document covers the main requirements that (re)insurers operating in Ireland must adhere to, include CBI Codes, reporting requirements and applicable levies. Most of the content is unchanged, and while the requirements now feature a new section covering reporting requirements, the regimes highlighted in this section, and set out below, are not new to the industry, and so (re)insurers should already be familiar with these additions:
National claims information database reporting requirements:
CBI publishes Insurance Corporation Statistics - Q1 2025
The CBI published its Q1 2025 Insurance Corporation Statistics on 30 May 2025. In the update, the CBI noted that the total assets of the Irish insurance corporation sector increased by €3.4bn when compared with the previous quarter. This amounts to total assets of €464bn, an increase of €28bn when compared with the same quarter in 2024. Insurance corporations’ liabilities also rose in Q1 2025 compared to Q4 2024 as non-life insurance technical reserves increased by €7.6bn. Total liabilities for the quarter now amount to €404bn. Another key update highlighted by the CBI was that the value of premiums written within the Irish insurance corporation market in 2024 increased to €109bn (an increase of approximately 5%). The increase in premiums across life and reinsurance business is credited with this rise. On the other hand, the CBI reported that premiums in the non-life insurance sector decreased in 2024 to €5.4bn (a decrease of approximately 19%).
EIOPA launches survey to assess the adoption of gen AI solutions across EU insurance sector
A survey to assess the adoption of generative AI solutions across the EU insurance sector was launched by the European Insurance and Occupational Pensions Authority (EIOPA) on 15 May 2025. The survey aims to gather information about the extent to which insurance undertakings have implemented or are planning to implement generative AI solutions and what governance and risk management measures they are taking to ensure a responsible use of the technology. EIOPA are keen to keep pace with the rapid development of digital innovation and make sure insurance supervisors can better consider the sector specific opportunities and risks that come with digitalisation.
EIOPA hopes to use the responses to the survey to enhance supervision by drawing on real-life experiences to enable better outcomes for consumers as insurers adopt novel technologies. The survey will be distributed to insurance undertakings by the CBI. However, any undertaking is welcome to complete the survey online before 15 July 2025.
EIOPA study finds clearer and more consumer-friendly information is needed to prevent the ‘illusion of being insured’ for natural catastrophe coverage
On 19 May 2025, EIOPA published its findings from a study of natural catastrophe (NatCat) coverage-related disclosures in insurance product information documents (IPIDs, the Study). The Study presents EIOPA’s findings and offers illustrative examples of good implementation under five headings:
EIOPA ultimately concludes that while some areas require improvement, when used properly, IPIDs are a useful means of informing consumers of key information on their insurance coverage.
EIOPA publishes monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures
EIOPA published its monthly technical information on 6 May 2025 regarding the relevant risk-free interest rate term structures (RFR), with reference to the end of April 2025, for Solvency II purposes. This technical information is used for the calculation of technical provisions for (re)insurance obligations. On the same date, as is usual, EIOPA also published technical information on the symmetric adjustment of the equity capital charge under Solvency II with reference to the end of April 2025.
For more information on these topics please contact any member of A&L Goodbody's Insurance & Reinsurance team.
This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.