Analysis: Business insurance is still profitable, contrary to industry group’s claims

Insurance Ireland and the Alliance for Insurance Reform have taken different interpretations of the data in the Central Bank’s latest report on the sector

Seán Fleming, the Minister of State with responsibility for insurance reform, said the publication of the data was an ‘important element’ of the government’s reform agenda and highlighted the cost of settling a claim in court outlined in the report. Picture:

If there is one constant in relation to the viciously disputed topic of insurance costs in this country, it’s that no matter the data, each side in the debate will find their own version of the truth buried within.

The latest example of this unappealing phenomenon was evident last week as the Central Bank of Ireland (CBI) published its first report on business insurance in Ireland as part of the National Claims Information Database (NCID).