Latest Laois News: Local Minister highlights progress achieved in Insurance Sector
Insurance reform – Progress at last – Fleming
Sean Fleming TD, Minister of State with responsibility for Insurance, has welcomed a new report which shows the value of average injury awards made by the Personal Injuries Assessment Board (PIAB) has fallen by 40% from last year’s levels.
Personal injury awards are the single biggest contributory factor of insurance premium prices for drivers, homeowners and businesses.
The new research shows that between 27 April and the end of September, average awards dropped from €23,877 to €14,233. It also shows that nearly half of PIAB’s awards are now under €10,000.
Sean Fleming TD, Minister of State with responsibility for Insurance said:
“I am particularly pleased to see these results after only 15 months in Government. Reducing the size of awards was one of my main priorities when I entered office. I ensured that these guidelines were delivered and implemented six months ahead of its original schedule. This means many people are seeing reductions in their insurance premiums now.”
“I am aware some businesses are struggling to access affordable insurance. It’s important that we see the insurance industry meet their public commitments to pass on their reduction in costs to their customers.”