Insurance premiums not reducing in line with payouts, insists Doherty

A Donegal TD says the reduction in personal injury awards must be matched with reductions in insurance premiums.

Sinn Féin spokesperson on Finance Pearse Doherty says he welcomes confirmation from the Personal Injuries Assessment Board that personal injury awards have fallen by 40 per cent since personal injury guidelines came into effect.

But he said this must now be met with an immediate reduction in insurance premiums.

He added that while there have been some reductions in respect of motor insurance, it is not being matched with the fall in awards.

Meanwhile, new figures show insurance premiums are rising for small businesses, even while the cost of personal injuries awards is falling.

Experts say this is due to a severe lack of competition.

Director of the Alliance for Insurance Reform Peter Boland says the government needs to bring in more providers.


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