Insurance Ireland welcomes the latest PIAB report
April 12 2022. Insurance Ireland strongly supports the implementation and application of the new Personal Injuries Guidelines, which came into force on 24th April 2021. The report published by the Personal Injuries Assessment Board (PIAB) shows the substantial impact which the Guidelines can have on the Irish market. The significant reduction of the level of awards and their volatility can reduce risk and uncertainty in the Irish market, if the Guidelines are applied consistently. “We greatly appreciate PIAB’s commitment to the new Guidelines,” said Insurance Ireland CEO, Moyagh Murdock.
“While the reduction of awards is very welcome, the significantly lower acceptance levels of the awards by claimants are concerning. The reduction in acceptances by claimants is concerning, only 40% overall and 36% for motor claims which make up the majority of all claims. The worry with the lower acceptancy rate is that more cases will go to litigation. For the success of the Insurance Reform in Ireland and the credibility of the Personal Injury Guidelines, it will be essential that the cases are heard expeditiously and that the Courts confirm the Guidelines in their procedures,” said Moyagh Murdock.
The recently proposed Bill to expand the mandate of PIAB and put its funding on a more sustainable basis will improve procedures further. If implemented, the new proposal should lead to further efficiencies and significantly less costly legal processes for a greater number of claims. Insurers have consistently said that consumers will benefit from quicker assessments and swifter claims settlement compared to the very lengthy and costly litigation procedures.