Call for cuts in insurance premiums after the fall in personal injury payouts

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In the past two years, the number of personal injury judgments by the body that decides claims without involving the courts has fallen significantly.

The Personal Injuries Assessment Board (PIAB) said the value of payouts fell by €118 million during that period.

PIAB said that using its processes to resolve claims and avoid court hearings has resulted in savings of more than €50 million over the past year.

The reductions in both volumes and premium values ​​should have a direct impact on insurance costs
In Ireland.

The board added that this should result in cheaper premiums for all consumers and businesses.

The introduction of the personal injury policy in April last year was partly responsible for the lower value of PIAB payouts.

However, Aviva Ireland Chief Executive Declan O’Rourke told Newstalk Radio that judges are beginning to back down commitments to limit personal injury payouts in cases where PIAB settlement offers are rejected and the cases end up in court.

PIAB said it processed 21,410 new personal injury claims last year.

Last year, it awarded the accident victims total compensation of more than 157 million euros.

The board claimed that “the impact of PIAB’s services as an impartial, independent body to settle claims and as an alternative to litigation has resulted in more than €50 million in legal and other costs being avoided in 2021”.

The 2021 Annual Report covers the four months prior to the entry into force of the Personal Injury Directives and the first eight months after their entry into force.

The average PIAB grant after April 2021, when the lower guidelines went into effect, was €13,825.

This is less than your average award in 2020
from €23,877.

Secretary of State Robert Troy said he would shortly publish the Personal Injuries Resolution Board’s Bill 2022, which will reform and strengthen the board and allow it to resolve more personal injury claims.

https://www.independent.ie/business/personal-finance/insurance/call-for-cuts-in-insurance-premiums-after-fall-off-in-personal-injuries-payouts-41875339.html Call for cuts in insurance premiums after the fall in personal injury payouts

Fry Electronics Team

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