Minister Calleary welcomes report which shows large decrease in cost of settling claims through Injuries Resolution Board
Dara Calleary, Minister of State for Trade Promotion, Digital and Company Regulation, welcomed the publication earlier this month (4 April) of the Central Bank’ s Employers’ Liability, Public Liability and Commercial Property Insurance Report 3.
The report by the Central Bank’s National Claims Information Database (NCID) shows that the average cost of settling claims through the Injuries Resolution Board decreased by 33% in 2022 in comparison to 2020 although average insurance premiums increased by 8% in 2022.
New personal injuries guidelines were published by the Judicial Council in 2021 to replace the Book of Quantum, which had been used as a guide for settling injury claims.
The guidelines are used by the Injuries Resolutions Board - formerly PIAB - and the courts to provide consistency in the level of personal injury awards in successful personal injury claims.
The report shows that the average level of compensation through the Injuries Resolution Board mechanism in 2022 ranged from €21,439 for Public Liability to €26,366 for Employer Liability claims.
The average compensation awarded for a litigated settlement in 2022 ranged from €37,045 for a Public Liability claim to €70,297 for an Employer Liability.
Commenting on the report the Minister said that the work of the Injuries Resolution Board is important for all of us – in society and in business and provides annual savings to the economy of tens of millions of euros by avoiding the need for expensive and lengthy litigation in personal injury claims.
In December 2023 Minister Calleary announced that the Injuries Resolution Board would offer mediation in addition to assessment as a new service for resolving claims. The response to the introduction of mediation has been positive with up to 40% of claimants willing to have their claim mediated.
Minister Calleary plans to commence further legislation later this year to introduce mediation for public liability injury claims and motor liability claims. Mediation will help both claimants and respondents to reach a mutual agreement in personal injuries claims and help reduce the time, costs and stress involved for all parties.”
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