The Motor Insurance Transparency Code is a priority action under the Action Plan for Insurance Reform 2025–2029. Developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, the Code aims to enhance trust, clarity, transparency, and understanding in how motor insurance premiums are presented to consumers.
Key features of the Code include:
• A new Premium Summary Statement, provided at quotation and renewal, setting out last year’s premium, the new premium, the difference, and the key factors influencing pricing, including levies, risk factors such as geographical location, and licence type.
• An Annual Market Overview Statement, providing consumers with accessible explanations of broader market conditions affecting premiums, including profit, broker commission, and legal costs.
The Code is voluntary and is open to all insurers and intermediaries selling private motor insurance in the State to adopt, including cross‑border entities.
Along with an overview of their personal risk factors and market trends, consumers will also be given clear guidance on how they can reduce their risk profile and potentially lower their costs.
Minister of State for Financial Services, Credit Unions, and Insurance, Robert Troy TD said:
This new Transparency Code is a first of its kind for Irish consumers. It will bring further transparency to the market and support consumers to know what they are paying for, and if there are legitimate reasons for why premiums have increased. By insurers and intermediaries explaining premium changes in plain language and providing insight into individual risk factors as well as wider market trends, the Code will empower consumers to make more informed decisions. It is my hope that this Code will enhance switching behaviour and arm consumers with the right information to receive a better motor insurance outcome.
I welcome the engagement from industry and the Central Bank of Ireland in developing and adopting the Code and want to emphasise that a timely and effective implementation from March 2026 will be essential to delivering real benefits for policyholders.
