John McManus: Do not expect insurance premiums to come down any time soon

Most cases are still settled via the courts, and according to the central bank, it will take time for the Personal Injuries Guidelines to have an impact on those settlements. Photograph: iStock

The guidelines — introduced in March 2021 — stipulate awards that are significantly below the level of the awards under the book of quantum used previously. It’s the last bit that is important. The objective of the exercise — in the opinion of the Insurance Ireland — is to reduce the size of awards. It is not to reduce premiums. The two may be related, but they are not the same thing.

Every year the Central Bank of Ireland — that regulates insurance companies — publishes two reports based on its database of insurance claims. One looks at motor insurance and the other looks at employer’s liability, public liability, and commercial property insurance. Between them they cover the bulk of personal injury claims. The reports for 2022 have just been published. Helpfully, they contain sections looking in detail at the impact of the personal injuries guidelines on claims costs.

Most cases are still settled via the courts, and according to the central bank, it will take time for the guidelines to have an impact on court settlements. This is because the guidelines only apply to cases that commence after their introduction in 2021, and many of the cases before the courts predate their introduction.

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