Local insurance broker says a review of the personal injuries system unlikely to reduce payouts

An insurance broker in the North West says it’s unlikely a review of the current personal injuries system will reduce the payouts in the long term.

Siobhan McSharry, Managing Director McSharry Foley Whoops Insurance Brokers in Sligo says she welcomes the indication by the new Minster to review the payouts.

Fine Gael’s Michael D’Arcy now has speciral responsibility for Financial Services and Insurance and he indicated on taking up the post that a review of the huge payouts in Ireland for personal injuries should be priorities.

Siobhan McSharry says personal injuries and fraud are two of the biggest issues driving up premiums and ‘whiplash’ accounts for 80% of personal injury claims.

She told North West Today that she welcomes the review as it will force everyone including insurers themselves and solictors to look at the costs involved: