Insurers to be told to set aside more reserves

Irish insurers will have to set aside significantly more reserves to cover car crash, workplace injuries and other claims as compensation payouts surge, according to the industry’s regulator.

The Central Bank will tell insurers the results of a review of claims payouts within weeks, Sylvia Cronin, the bank’s insurance director, has said.

The average High Court personal injury award soared 34% last year, according to the courts service.