02 March 2026: Insurance Ireland welcomes today’s publication of the Motor Insurance Transparency Code by Minister Robert Troy and reaffirms its strong commitment to supporting this important initiative. The Code represents a significant milestone in Insurance Ireland’s ongoing collaboration with the Department of Finance and the Central Bank to enhance transparency and deliver better outcomes for consumers.

Insurance Ireland has played a key role in shaping and delivering the Code, engaging extensively with the Department of Finance and the Central Bank to ensure it is practical, robust and focused on delivering meaningful benefits for consumers.

The Motor Insurance Transparency Code is designed to enhance trust and fairness in the market by establishing clear, consistent principles for how premiums are calculated and communicated across the industry. Developed in close collaboration between Government, regulators and industry, the Code aims to provide consumers with straightforward explanations of the key factors influencing their motor insurance costs, such as claims trends, repair inflation and legal expenses, using publicly available data to support better understanding and informed decision‑making.

By improving the consistency and quality of insurer communications, the Code supports stronger alignment with consumer protection objectives and enables customers to make more informed choices about their cover. It also ensures consumers receive the right information to understand what is within their control to reduce their individual risk profile and, over time, improve their premium outcomes.

Commenting on the launch of the Transparency Code, Moyagh Murdock, CEO of Insurance Ireland, said; “Insurance Ireland is fully committed to the Transparency Code and to ensuring it delivers real and practical benefits for consumers. We have worked closely with the Department of Finance and the Central Bank to develop a framework that builds trust, improves transparency and helps consumers better understand what drives their motor insurance premiums. While there is much work left to do to plan for the full implementation of the Code, something Insurance Ireland will continue to engage with the Department on, this launch reflects the insurance sector’s commitment to transparency and our leadership in advancing key elements of the Action Plan for Insurance Reform.”

Beyond the Code, Insurance Ireland continues to engage closely with Government on other important elements of the Action Plan for Insurance Reform. In particular, reducing the flood protection gap remains a priority, with ongoing engagement on proposals aimed at improving flood resilience and insurance availability for households and businesses.

At the same time, it is essential that progress is accelerated on legal costs reform. High and unpredictable legal fees continue to be a significant driver of insurance costs and are consistently highlighted in National Claims Information Database reports as a major issue within the claims environment.

Insurance Ireland urges Government to maintain momentum on the Action Plan for Insurance Reform by prioritising progress on flooding solutions and the delivery of meaningful legal costs reform, alongside the continued implementation of the Code.

By continuing to work collaboratively, Government, regulators and industry can ensure reform delivers lasting benefits, builds trust, improves transparency, supports consumer choice and delivers a more sustainable and affordable insurance market.

ENDS

For more information, please contact:

• Nuala Buttner, Q4PR, nuala@q4pr.ie, 085 174 4275
• Rachel Power, Q4PR, rachel@q4pr.ie, 087 939 9605