Minister Fleming welcomes drop in value of personal injuries awards by PIAB
Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, today (29th of July), welcomed PIAB’s 2021 Annual Report.
PIAB's Annual Report shows there has been a decrease in the volume of claims of 31% in the last two years. The introduction of the Personal Injuries Guidelines in April 2021 resulted in a decrease in overall total award values in 2021 of €49 million compared to 2020.
Minister of State for Financial Services, Credit Unions and Insurance Sean Fleming TD said:
“Over the past two years there has been real momentum in reforming the insurance sector in Ireland. Motor insurance is down 13.7% since the introduction of the new personal injury guidelines. PIAB’s report shows that Government reforms are having an impact in awards levels. I will be meeting with the Chief Executives of the major insurance companies in the coming months to ensure they treat their customers fairly by passing on these savings. The recent conclusion of the high court challenge against the personal injury guidelines and legislation to reform PIAB will help reduce the number of cases in our legal system. This will help attract more insurance competition in the market.”