Insurance companies are still not passing on savings from reduced awards to their customers, according to Fine Gael Senator Maria Byrne.
On Breakfast Business this morning, Senator Byrne said the average amount awarded by the Personal Injuries Assessment Board (PIAB) has fallen by more than 40% since 2020 – from €24,000 to just over €14,000.
She said the total value of the awards handed out last year was nearly €120m less than it was in 2019.
“I believe that insurance companies need to pass on these reductions and while a lot of them are, there are still areas where a lot of people are still feeling the pinch,” she said.
She said the biggest concern is personal liability insurance – with some businesses seeing their premiums increase even as claims reduce.
“I think it’s really, really important that the Government stay on top of this and ensure that these reductions happen,” she said.
Senator Byrne said companies should be required to send government regular reports, proving they are reducing premiums alongside reducing claims.
“Also, if people are finding that they are being penalised, they need to come out and say it,” she said.
“They need to come forward and let their local TDs know that the premium has gone up rather than down.
“So, there is a lot of work on the Government side but I think it is important for the public to actually inform us if they have concerns that they feel they are still being hit very hard by their insurance.”