Insurance industry urged to cut costs as claims fall 

'Claims costs are reducing significantly due to lower volumes and lower values and this new environment is ripe for premium reductions.' File picture

The insurance industry is facing fresh calls to make “significant” cuts to premiums after new figures revealed a dramatic reduction in both the cost of claims and the number of cases.

The Personal Injuries Assessment Board (PIAB) said complainants rejecting their awards and deciding, along with their legal teams, to go to the courts was resulting in “huge legal costs and delays”.