Personal Injuries Assessment Board (PIAB) figures show that personal injury awards have decreased by around 50%, on average, as a result of rebooted personal injury guidelines.
The data has emerged from the first implementation report of the Action Plan for Insurance Reform, which will go before Cabinet at Dublin Castle this morning (6 July).
The data suggests that awards are down by half, with 78% of awards being €15,000 or lower, compared with some 30% last year.
The Government plans new measures that will beef up PIAB, as well as the Competition and Consumer Protection Commission (CCPC).
The scope of the National Claims Information Database will also be extended to include data on employers’ and public-liability insurance.
Bring down costs
Tánaiste Leo Varadkar said: “We published this plan to bring down the cost and increase the availability of insurance for businesses, consumers and community and voluntary groups. I’m really happy to see that today, six months later, we can see the actions we are taking are working.
“It’s early days, but there are signs that personal injury awards are falling – by around 50%. This is as a direct result of the new Personal Injuries Guidelines. We expect this dramatic drop to be reflected in premiums over the next year and we will be following this up with insurance companies.
“While this progress is welcome, we are committed to doing more to reduce insurance costs and increase availability.
“Insurance reform is one of my top priorities as Tánaiste,” he added.