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Insurance report going to Cabinet today notes average pay out has decreased by approximately 50%

A progress report on how government is tackling rising insurance costs will go to Cabinet today.

Image: Shutterstock/Andrey_Popov

A PROGRESS REPORT on insurance reform will be brought to Cabinet today by Tánaiste Leo Varadkar which notes that preliminary data from the Personal Injuries Assessment Board (PIAB) indicates that the average award paid out has decreased by around 50%.

The implementation report of the Action Plan for Insurance Reform seeks to make Ireland’s insurance sector more competitive and consumer-friendly.

The six-month progress report, which will be published later today, will show that in the period since the guidelines were introduced, some 540 cases have been adjudicated by PIAB and there has been an average reduction of in excess of 50% in the awards being issued. In some instances, the reduction has been as high as 74%.  

Cabinet will also be told that in the coming months the Government will implement a programme of legislative reform to strengthen Personal Injuries Assessment Board and the Competition and Consumer Protection Commission.

The National Claims Information Database will also look to publish more frequent data and develop measures in relation to fraud and occupier’s liability.

Varadkar has said that given the reduction in awards given, he expects to see that reflected in the courts and in lower premiums.

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The Tánaiste has also said the Criminal Justice (Perjury and Related Offences) Bill has been enacted, and will commence in a few weeks time, helping to crack down on insurance fraud and exaggerated claims. 

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