Board aims to cut insurance costs
However, the Tánaiste refused to comment on the delays in implementing the board. “After 20 years of debating the matter, whether it’s six months late or not is not the issue. The fact is that we are going to have a radically reformed way of dealing with claims,” she said.
Addressing the Small Firms Association yesterday, Ms Harney said it was widely accepted that the high cost of insurance could be attributed to litigation costs in excess of 40% the cost of compensation. The aim of the PIAB is to eliminate the need for litigation costs where legal issues are not in dispute in a bid to significantly reduce the cost of insurance payouts and costs.
