THE Government should ensure that insurance companies pass on savings from reduced award pay-outs over the past two years to their customers, according to Fine Gael Senator Maria Byrne.
“The volume of claims is now more than 30 per cent lower than in 2019 and the total value of awards that PIAB assessed in 2021 was €118 million less than in 2019,” Senator Byrne said.
Recent figures from the Personal Injuries Assessment Board (PIAB) show that the overall average award has reduced by 42 per cent since 2020, from €24,000 to just over €14,000.
“There is no doubt that a raft of reform legislation introduced following work done by the Costs of Insurance Working Group is forming the basis for the hugely positive changes we are seeing today,” Senator Byrne concluded.
