High insurance claims

Personal injury guidelines to tackle high insurance claims approved.The Cabinet has approved the introduction of new personal injury guidelines designed to tackle high insurance claims.

So will this will bring down my insurance costs or is it more profit for the insurance companies?


https://www.irishtimes.com/news/ire...ckle-high-insurance-claims-approved-1.4505844

In my (admittedly biased) experience, none of the changes that the insurance companies have demanded have ever lead to a significant reduction in premiums.
 
Personal injury guidelines to tackle high insurance claims approved.The Cabinet has approved the introduction of new personal injury guidelines designed to tackle high insurance claims.

So will this will bring down my insurance costs or is it more profit for the insurance companies?


https://www.irishtimes.com/news/ire...ckle-high-insurance-claims-approved-1.4505844

It was gas in last Saturday's Irish Times solicitors saying their only concern was how it was going to affect their business viability model.


Feck the entire population paying hand over fist for huge claims of course.
 
Wouldn't this force the insurance companies now to drop their premiums as they are getting a knock down on pay outs.
 
Payouts via the PIAB are only very slightly less than fighting it in court, and cost about 750 quid legal fees, as opposed to the roughly 16k average fees when challenged. Thus the merry go round in the legal system continues.

If Ireland was so profitable for insurers, why did 250+ insurers leave the market over the last decade. Whiplash pays out 4.5x here compared to UK (this will change now hoelpefully). Nearly all Liability, and professional indemnity policies have gone through the roof the last couple of years due to non profitably, and insurers leaving the market due to Brexit.

Premiums should drop, but not overnight.
 
Payouts via the PIAB are only very slightly less than fighting it in court, and cost about 750 quid legal fees, as opposed to the roughly 16k average fees when challenged. Thus the merry go round in the legal system continues.

If Ireland was so profitable for insurers, why did 250+ insurers leave the market over the last decade. Whiplash pays out 4.5x here compared to UK (this will change now hoelpefully). Nearly all Liability, and professional indemnity policies have gone through the roof the last couple of years due to non profitably, and insurers leaving the market due to Brexit.

Premiums should drop, but not overnight.

Why would a country with 5 million people need 250+ insurers?

I spent about 6 months working for a global insurance crowd, that whole industry is a joke. I've honestly seen more competence in government departments.
 
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