Insurance claims - A wonderful success story

WHAT a wonderful success the Personal Injuries Assessment Board (PIAB) has proved to be.

Compensation of €181 million was paid out in 8,200 personal injury cases last year.The awards were every bit as good as could have been expected in court but took a quarter of the time to finalise. Delivery time might have been over two years but was cut to just months and costs were about 30% of what they once were. This meant savings of €€40m in just one year.

In practical terms everyone of us sees the benefits of this system when we go to insure our car. What was once a considerable expense has become something much more manageable.