Alliance for Insurance Reform warns legal costs for personal injury claims 'spiralling'

Report shows 68% of personal injury cases are settled through litigation rather than Injuries Resolution Board 

Insurers made a profit of 13% on employers liability, public liability, and commercial property insurance in 2023, but a lobby group for industry reform has warned that a proposal before the Oireachtas to increase personal injury awards by 16.7% will exacerbate "spiralling" litigation costs.

Insurers made a profit of 13% on employers liability, public liability, and commercial property insurance in 2023, but a lobby group for industry reform has warned that a proposal before the Oireachtas to increase personal injury awards by 16.7% will exacerbate "spiralling" litigation costs.

The Central Bank's National Claims Information Database report for 2023 published on Thursday showed that insurance company profits increased for a third consecutive year on employers liability, public liability, and commercial property insurance, which covers a wide range of policyholders and businesses, from farmers and shops to large manufacturing, construction, and pharmaceutical companies.