Motor Insurance Premiums in Ireland

By CCN 7 months ago

The NCID (National Claims Information Database) in Ireland recently published its figures for H1 2022 after a review of motor insurance claims.

Personal injury guidelines were introduced in Ireland in 2021 with the aim of bringing some consistency to the levels of awards and bringing them in line with other EU countries. Claims are assessed by the PIAB (Personal Injury Assessment Board) and if agreement on quantum is not reached it is then refereed to the Book of Quantum with the possibility of legal action to resolve the claim.

The Central Bank advised that there was in increase in the number and cost of damage claims over H1 but a decrease in the number and cost of injury claims over the same period.

The upshot if this according to the NCID was a reduction in the cost of a motor insurance premium of 5% to an average cost of €578.

This is a positive step and fulfils one of the main aims of the guidelines which was to reduce the cost of such claims to consumers. It is however too soon to draw firm conclusions as a significant number of litigated claims have not yet settled under the guidelines which would impact the average claim cost.

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