The move comes five months after the Central Bank published the NCID’s first annual report on private motor insurance, which provided detailed data on the cost of motor insurance premiums, claims and settlement costs.

The NCID was established on foot of a recommendation of the Government’s Cost of Insurance Working Group (CIWG), which was set up to review of the factors influencing the increased cost of insurance.

The Central Bank has announced it will collect employers’ (EL) and public liability (PL) insurance data in the second half of 2020 and publish its first report in the first half of 2021, with annual publications thereafter.

Mark Cassidy, director of economics and statistics at the Central Bank, said: “The Central Bank is focused on ensuring that the insurance sector sustainably serves the needs of the economy and its customers.

“Credible, publicly available data in relation to employers’ and public liability insurance would benefit all stakeholders in the insurance market, and we intend to publish this data as soon as possible.

“It is clear from our study that there is currently a lack of publicly available data in relation to the claims costs and trends for EL and PL insurance. This deficit of data in this area does not allow conclusions to be drawn as to the causes of underlying trends in the EL and PL insurance market. This limits the ability to determine appropriate policy responses to address the issues in this area.”