Premiums increased by 0.5% to €561 during the period after a decreasing trend that had been seen since the second half of 2017.
The leap in claims costs was driven by a 126% rise in damage costs, which more than offset a -21% drop in injury claim costs. "This is in contrast with the insurance market in the UK and Europe, with the Government’s reforms and the industry’s strong commitment to deliver for consumers having insulated the Irish insurance market against the steep increases in costs and premiums seen in neighbouring countries," said Moyagh Murdock, chief executive of Insurance Ireland.
The report shows that the personal injury guidelines introduced in 2021 have had a significant impact on the average settled cost for claims settling directly with an insurer, or through the Personal Injuries Assessment Board in the first half of 2023. The data also the difference in average public liability awards settled through litigation rather than through the Injuries Resolution Board is very small, but legal fees are on average 22 times higher.
She added that while it is positive to see an increase in claims settled via the Resolution Board, the number of cases being settled via litigation remains stubbornly high.
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Source: IrishTimes - 🏆 3. / 98 Read more »