For years, the Irish Community has been promised affordable insurance premiums and there have been many false dawns, however according to Peter Boland of the Alliance for Insurance Reform, we’re going to see “an immediate drop in costs for insurance customers” reports the Irish Examiner.
Awards for minor personal injuries claims are set to drop by up to 50% from today with new guidelines aimed at reducing insurance premiums.
“Insurance premiums are based on future risk,” said Mr Boland. “Every accident that happens from Monday will be subject to the new guidelines, so the risk associated with every new motor and liability policy in Ireland will drop significantly from Monday, and that must be reflected in the costs of those policies.”
Historically, payouts for personal injury claims in Ireland were on average 4.5 times higher than similar claims in England and Wales.
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