Claims costs should continue to fall and this needs to be passed on by insurance companies to their customers
The Supreme Court ruling should underpin the fall in the cost of insurance claims The Supreme Court ruling that personal injury award guidelines must be followed by the courts averts a potentially serious setback to the Government’s efforts to reduce insurance costs.by a four to three majority that it had been unconstitutional to grant the Judicial Council the power to set the new personal injury guidelines.
A constitutional challenge to the guidelines – which came into effect in April 2021 – was inevitable given that awards made as a result of their introduction are significantly lower than the previous norms set by the Book of Quantum. In the case in point, damages for an ankle injury suffered by the plaintiff were €3,000 under the guidelines and would have been up to €34,000 under the previous system.
Further court actions cannot be ruled out. But the Supreme Court has set a high bar for any further challenges. The clarity brought by yesterday’s judgment should have the effect of further encouraging claimants to avoid the courts in favour of the lower cost route provided by the Injuries Resolution Board.
The extent to which these savings – and the additional reductions in insurance company costs due to the application of the new guidelines by the courts – are being passed on to consumers is difficult to ascertain, given the opaque nature of insurance pricing. But the downward movement in awards indicates that lower premiums are now overdue. The industry must step up and deliver – and the Government needs to do all that it can to ensure that this happens.
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