It is now 10 years since the Personal Injuries Board was established. The main purpose of this board was to reduce liability costs by eliminating the legal fees charged by solicitors and barristers. Has it been a success? The numbers speak for themselves. Because the Injuries Board operates a fixed cost per claim of €645 versus the legal system charging a percentage of the award, the Injuries Board has made significant savings in each of its year of operation. To illustrate the magnitude of these savings, it saved €54.92 million in 2013.
Who is benefiting from these savings?
Insurance Companies based in Ireland are benefiting and are passing on this benefit to car owners. Statistics prove this. In 2004, car insurance in Ireland cost twice as much as that in the UK. The average cost of car insurance has decreased by 40% since the introduction of the Injuries Board.
A secondary function of the Injuries Board was to reduce the length of time it takes to have your claim assessed and paid. Before the Injuries Board took over, the average wait time from claim inception to conclusion was 36 months or 3 years. Today, the average wait time has been reduced to just over 7 months.
In summary, the Injuries Board is a success.