Insurance companies paying out less, says report

Lower insurance premiums could be on the way for consumers due to providers paying out less money, a report suggested today.

The study from the Injuries Board says providers paid out €30m less last year than they did two years ago in 2008.

The Injuries Board is now urging companies to pass those savings on to consumers.

The savings come in spite of the fact that the number of claims to providers are up by 9% for the same period.

"The actual cost of processing personal injury claims is showing a downward trend, while the actual amount of awards remains static, so people are getting the same money," said InjuriesBoard.ie chief executive Patricia Byron.

"This is predominantly driven by lower employers' liability claims, less high-value claims on construction sites, and also the board itself - we've reduced our processing fees by €200 per case."