Insurers urged to immediately cut premiums as payouts fall 50%

According to preliminary findings in a new report the drop in personal injuries awards came about following the introduction of new guidelines.

The director of the Alliance for Insurance Reform, Peter Boland, has called on insurance companies to immediately reduce premiums following the drop of 50% in awards in personal injuries cases.

Speaking on RTÉ radio’s Morning Ireland, Mr Boland said that insurance costs in Ireland had been an “existential issue” for the past five years and despite the 50% drop in awards in the last two months, there had been no reduction in premiums.