It follows the publication of a new report by the Personal Injuries Assessment Board, which shows average awards dropped by 40 percent since April, when new rules were introduced.
Almost half of Personal Injuries Assessment Board awards are now under €10,000.
The PIAB Report on Personal Injuries Award values covers the period from the 27th April since the new
Guidelines came into effect to the end of September.
The report shows that 18% of awards are now under €5,000, and 30% are between €5,000 and €10,000, meaning nearly half (48%) of claims are now under €10,000 compared to just 12% of awards previously.
Peter Boland says the savings that are being made aren't being passed on to customers:
"If awards had gone up by 40%, you would have seen as in your renewal tomorrow, 100%. So they need to react to this and this is not just a minor issue. This is existential for so many different sectors of our society. We're seeing small reductions on motor, we're seeing the exact opposite on liability insurance, which is the one that impacts on voluntary community groups, charities, sports clubs, SME."
The Personal Injuries Assessment Board (PIAB) is the self-funded public body established in 2004 to support the fair, prompt, and transparent resolution of personal injury claims without the need for unnecessary litigation.
According to the PIAB: "Research has clearly shown that the vast majority of claims never reach the Courts, so this data is very significant."
PIAB Personal Injuries Award Values Report is here.
