Alliance questions insurers despite increased claim assessments
The Injuries Resolution Board reports that claim volumes are down 35% since 2019
The Alliance welcomes the publication of the latest Injuries Resolution Board, Personal Injuries Award Values Report for the first half of 2023.
Speaking about the report today, Alliance Board member and owner of Kidspace play centres in Rathfarnham and Rathcoole, Tracy Sheridan said “It is a positive sign in the context of insurance reform to see assessment and acceptance rates continuing to increase. This increase should have a significant knock-on effect on legal fees and as a result, the overall cost of claims should come down. However, this will count for nothing if the benefits of these reforms are not passed on.”
The Injuries Resolution Board reported that “The first half of 2023 saw the highest level of engagement with the Injuries Resolution Board, with 71% of respondents agreeing to the assessment of claims. The award acceptance rate also reached its highest level since the introduction of the Guidelines, at 48% in the first half of 2023, up from 44% in 2022, and remaining stable throughout the year.”
Sheridan continued “While the Government’s programme of reform appears to be delivering savings for insurers, it is not delivering for liability policy holders such as businesses, sports, community and voluntary organisations, who continue to see their premiums increase and a dearth of competition in many sectors of the market.
“It is galling to see insurers making record profits on the backs of local businesses and others. The Government certainly didn’t introduce the reforms solely to benefit insurers, so they need to get serious with them about premiums and do much more to address the inexplicable lack of competition in the liability market.
“The Injuries Resolution Board reports that claim volumes are down 35% since 2019 – that alone should have yielded significant savings for policyholders. It is hard to argue with those who see an element of profiteering in what is going on, and while the Government did deliver a lot of reforms intended to reduce the cost of liability premiums, it hasn’t worked. What are they going to do to fix it?”
