The insurance industry is facing renewed calls to lower premiums as the volume and value of personal injury insurance claims continue to fall. Despite significant reforms, including the introduction of judicial guidelines for personal injury awards in 2021, the industry has yet to pass on the savings to customers.
The industry said costs to customers would come down if it got predictability and proportionality about personal injury awards - it is time for it to deliverconfirming that the volume and value of personal injury insurance claims is rapidly falling has led quickly to renewed calls for the savings to be passed on to customers in the form of lower premiums. They have fallen on deaf ears.
The IRB – a state agency that offers a lower cost alternative route to resolving injury claims – reported a 40 per cent reduction in the volume of claims between 2019 and 2023 and said the trend continued into 2024. The value of these claims is down 37 per cent on 2019. A similar pattern is found for employers and public liability insurance claims. The guidelines have had a significant impact on the costs of claims settled directly with insurers or through the IRB. However, they have not yet had an impact on claims settled through litigation, according to the Central Bank.
INSURANCE PREMIUMS PERSONAL INJURY CLAIMS REFORM
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