Injuries board could save State €350m

THE Personal Injuries Assessment Board said yesterday it could achieve savings of almost €350m each year by bypassing expensive litigation costs.

The PIAB told the Oireachtas Committee on Enterprise that in 2004, almost €1 billion was the total cost of compensation for personal injury claims. However, the litigation costs incurred amounted to €444m because claims were pursued through litigation.

However, since its inception last year, the PIAB's administration costs have accounted for just 10% of claims, compared to 46% for litigation. On the basis of those figures, its costs would have been €97m last year, producing a saving to the State of €347m.