There was a 41% drop in the number of public liability claims between 2021 and 2022, but premiums costs still rose by 8%.
Profit margins for insurance companies also increased by over 50% in the last 12 months.
A new Central Bank National Claims Information Database (NCID) Liability Report found the total cost of settlements continues to drop and is now down €43 million on 2019 levels.
Businesses in the administrative and support service sector saw the largest premium increases with some reporting rises of 34%.
Those in the accomodation and food sector were also hit with rises of up to 24%.
Legal costs increased overall compensation costs by 60%, the report said.
Source: Alliance for Insurance ReformAlliance for Insurance Reform CEO Brian Hanley said recent moves by the Government to tackle the increases have failed.
"These reforms weren't introduced solely for the benefit of insurance companies," he said.
"We're seeing ongoing premium increases at a time when business costs are so high, but also... right across sporting and voluntary organisations as well.
"To see these premiums increase after all the reforms is very difficult".
Mr Hanley said small and medium businesses are being hit the hardest.
"Businesses in the food and accommodation sector experienced a 24% increase in their premium in the three years between 2020 and 2022.
"That's a very significant [amount] to have to pay and can be existential for some of these smaller organisations," he added.
The NCID is a repository that stores information on the cost of non-life insurance claims which is collected by the Central Bank.
