Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy TD, has today welcomed the latest CSO data for June 2026 which confirms that motor insurance premiums have decreased for the ninth successive month.

The latest set of insurance reforms, launched by Minister Troy in July 2025, have seen an almost immediate impact. Motor insurance premiums have been gradually decreasing since October 2025 and are down 3.3% year on year.

They are now 36.3% lower than their peak in July of 2016.

Consumers are set for a further boost in the coming months when over 2 million policies will be subject to the new Motor Insurance Transparency Code. The Code, formally announced earlier this year, will see insurance companies commit to providing consumers with more detailed information about what makes up their premium.

The Code will, for the first time in Ireland, show consumers the breakdown of their premium as well as wider market trends like the cost of claims and legal costs.

Consumers are expected to begin receiving their Premium Summary Statement and Market Overview Statement in quotation and renewal from Q3 2026.

Commenting on the newly released data, Minister Troy said:

“It is clear that Government reforms introduced last year have started to take effect almost immediately. Significant work had been done over many years to reduce premiums from their July 2016 peak. Unfortunately, we recognised that premiums were beginning to rise again and those gains were being eroded. We took action with the launch of the Action Plan on Insurance Reform in July last year, and the CSO data showing a ninth consecutive monthly decrease signals that our measures are working.

There is more to do, particularly in terms of legal fees and personal injuries awards, but they are a key focus of the Cabinet Subgroup on Insurance Reform and I expect to see further progress on both during the remainder of 2026.”

Tánaiste and Minister for Finance, Simon Harris, stated:

“Today’s figures are encouraging news for motorists and are a clear indication that the Government’s programme of insurance reform is beginning to deliver tangible benefits. I want to acknowledge the leadership of Minister Robert Troy in driving this work forward and ensuring that insurance reform remains a priority.

The new Motor Insurance Transparency Code is another important milestone. By giving consumers clearer information about how their premiums are calculated and the factors influencing costs, we are improving transparency, strengthening consumer confidence and helping people make more informed decisions.”

Key Features of the Transparency Code

Insurers and intermediaries are now preparing for a phased implementation, and to ensure all quotation, renewal, and market‑related documentation complies with the new standards. The first review of the Code will take place within 18 months, and the Central Bank of Ireland will provide a report to the Minister for Finance in relation to adherence and impact.

Further Details on the Motor Insurance Transparency Code

The Motor Insurance Transparency Code sets out a consistent, structured approach to explaining premium calculations to consumers in plain language. It requires insurers and intermediaries to present information in a clear and accessible way and ensures that consumers receive meaningful explanations of the factors that influence pricing. The Code also supports broader consumer protection objectives by giving customers insights into both individual risk and market‑wide trends, supported by publicly available data such as the National Claims Information Database (NCID).

The Code was developed by a working group comprising of insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, to ensure strong alignment with regulatory requirements without mandating disclosure of commercially sensitive information. Implementation will begin on a phased basis from March 2026, supported by staff training, updated documentation, and strengthened governance. A formal review will take place within 18 months. The Code sits under the Central Bank of Ireland’s Consumer Protection Code (CPC).

Background on the Action Plan for Insurance Reform 2025–2029

TheAction Plan for Insurance Reform 2025–2029, published in July 2025, sets out a programme of 26 actions aimed at improving affordability, transparency, competition, and availability in the insurance market. It includes 10 priority actions with the greatest potential impact, one of which is the introduction of a Transparency Code for motor insurance.

The Action Plan is structured around six key themes:

The Plan was informed by a public consultation which received over 70 submissions from businesses, representative bodies, political parties, and members of the public, directly shaping the measures brought forward.