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car insurance
Car insurance costs fall by 5% following introduction of new claim guidelines
Litigation was the least popular choice for claimants but it made up 79% of total costs.
7.47am, 25 Apr 2023
11.7k
27
CAR INSURANCE PRICES felly by 5% between 2021 and 2022, according to a new report, following the introduction of new guidelines for settling claims outside of court.
The first-ever Private Motor Insurance Mid-Year Report of the National Claims Information Database (NCID) said that the average premium in the first half of last year was €578, a decrease of 5% from 2021.
Some 39% of claimants settled through litigation in the first half of 2022. Their cases represented 79% of the total costs for that period. Just under half of all claimants (48%) settled directly, making up 15% of total costs.
The remaining claimants (13%) settled through the Personal Injury Assessment Board (PIAB), representing 6% of total costs for the period.
The report said that two effects could be observed from the claim costs compared to previous years: An increase in the number and cost of damage claims and a decrease in the number and cost of injury claims.
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Two years ago, new guidelines were adopted aimed at reducing the level of awards in personal injury cases.
The Judicial Council’s Personal Injuries Guidelines Committee’s guidelines to replace the guidance in the Book of Quantum – which was previously used to give an approximate level of damages for injuries – include a catalogue of injuries, ranging from major to minor. The guidelines set out the level of damages that may be awarded or assessed for various injuries.
The report was published by the Central Bank of Ireland.
In a statement, Robert Kelly, the Director of Economics and Statistics at the Central Bank, said: “For claims settled directly and via PIAB in H1 2022, the average cost of claims was lower for those settled under the Guidelines, compared with those settled under the Book of Quantum.
“There have not yet been enough litigated claims settled under the guidelines to determine the impact on the average cost of a claim in this channel,” Kelly said. “This is important to note as 79% of settled injury claim costs in H1 2022 went through this channel.”
All insurers selling private motor insurance in Ireland were required to submit data for the report. It is hoped the report will improve transparency in the insurance sector and promote data-based policy outcomes.
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Won’t happen. Too much invested in the EU already by all parties. Nobody will leave and nobody will push for the dissolution of the EU no matter how much pain it causes to the average joe.
Don’t be silly, of course the EU/Euro policies are working.
The bond holders still have all their money and they are happily making more and more money speculating on the ups and downs of currencies and shares in these topsy turvy economic times.
The rich are still getting rich, the plan is working.
Yes, failing miserably (except for the rich elites, as already pointed out).
But there should be no surprise whatever.
Apply ‘austerity’ policies, which means removing money/spending from the aggregate economy, which means GDP falls & unemployment grows, which means our debt position either stagnates or even becomes worse. Precisely as happening.
It’s not rocket science, just ‘macro’ economics, tho’ it seems most mainstream economists struggle with it, but then who mostly pays +them+? (Back to our rich elites & bankers I think.)
Debt sustainability, employment etc comes from economic growth, not contraction by ‘austerity’.
And the good news is that even we in the Eurozone have an entity that can fund the stimulus spending required at no cost whatever to anyone – the ECB, if properly mandated to do so (under proper democratic control).
Learn about MMT economics & find out why. For serious students, a new textbook is due out later this year.
Two women dead and two children injured following collision in Cork
Updated
16 hrs ago
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