LARGE DROP IN SETTLEMENT COSTS THROUGH INJURIES RESOLUTION BOARD

Apr 5, 2024 | Nationwide News

The average cost of settling claims through the Injuries Resolution Board decreased by 33% in 2022 in comparison to 2020, according to the latest report from the Central Bank.

Dara Calleary, Minister of State for Trade Promotion, Digital and Company Regulation, says that the publication of the ‘National Claims Information Database (NCID): Employers’ Liability, Public Liability and Commercial Property Insurance Report 3’ provides further evidence that the Injuries Resolution Board is providing a much-needed, timely and cost-effective service.

“The work of the Board is important for all of us – in society and in business and provides annual savings to the economy of tens of millions of euros by avoiding the need for expensive and lengthy litigation in personal injury claims.”

In December 2023 Minister Calleary announced that the Injuries Resolution Board would offer mediation in addition to assessment as a new service for resolving claims.

“Mediation sees a significant step change for resolving claims in this country. The response to the introduction of mediation has been positive with up to 40% of claimants willing to have their claim mediated,” he added.

He said that he will commence further legislation later this year to introduce mediation for public liability injury claims and motor liability claims. “Mediation will help both claimants and respondents to reach a mutual agreement in personal injury claims and help reduce the time, costs and stress involved for all parties,” the Minister noted

SPRING-Summer 2024 EDITION

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