Central Bank report suggests cases are settled faster through Injuries Resolution Board than litigation route
Motor coverage premiums fell by 21 per cent between their high point in 2018 and the middle of last year, according to a Central Bank report drawing on figures from its national claims information database.
Settled damage costs rose 70 per cent on the year to €188 million for the first half of 2023, driven by rising costs for spare parts and labour amid the spectre of inflation across the wider economy. Injury costs rose 39 per cent to €171 million over the period. “In motor, the guidelines have reduced average claims costs in the direct and settlement channels, but have not yet had a measurable impact on claims in the litigated channel,” said Hazel Rock, head of insurance services at Brokers Ireland.
Insurance Injuries-Resolution-Board Personal-Injuries-Assessment-Board Central-Bank-Of-Ireland
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Bank to set up ‘sandbox’ programme for fintechs to test new productsRegulator does not plan to offer firms any derogations or waivers from regulatory requirements
Read more »
Canada's central bank cuts key lending rate to 4.75%The Bank of Canada has today trimmed its key policy rate by 25 basis points to 4.75%, its first cut in four years, and said more easing was likely if inflation continued to ease.
Read more »
Central Bank deputy governor Donnery to leave for ECB roleSharon Donnery to leave Central Bank of Ireland later this year
Read more »
Central Bank rules will make cost of mortgage incentives clear to consumersCompliance professionals say toughening up of 12 year old consumer protection code is very timely and much needed
Read more »
WeWork opens new offices at old Central Bank buildingWork space provider WeWork has opened the doors to its new offices at the old Central Bank building on Dublin's Dame Street.
Read more »
Live News: ECB rate cut expected later today, Sharon Donnery to leave Central Bank for ECBBite-sized servings of the latest in business, tech and current affairs
Read more »