Insurance costs ‘set to fall by 25%’

INSURANCE costs are set to fall by up to 25% this year due to increased competition and Government initiatives to reduce the cost of claims, according to a leading insurance and risk management consultancy.

Coyle Hamilton said foreign insurers would be attracted to the Irish market during 2004 and the new Personal Injuries Assessment Board (PIAB) and new legislation, such as the Courts Bill, would streamline the process of dealing with accident claims.

Speaking at the launch of Coyle Hamilton’s annual commentary on the insurance and pensions market, chief executive Hugh Governey said the insurance industry was now “on the mend” after a difficult period.