The cost of settled claims was €278 million with 55 per cent relating to injury claim costs and 45 per cent to damages.
The PIAB was set up in 2004 to provide an alternative to the courts for settling compensation disputes without expensive litigation, the objective being to reduce insurance costs. While the numbers using the system are substantial, the court route is still taken by significant numbers. According to the report, 43 per cent of injury claims were settled under the new guidelines in the first half of last year with the remainder settled with reference to the Book of Quantum, which outlines a list of specific types of injury and an indication of the level of compensation that is likely to be awarded in respect of that particular injury.
The chief executive of the group, Moyagh Murdock, said the report showed “a notable increase in the number and cost of damage claims due to various inflationary pressures among other issues”.