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Almost half of PI awards are under €10,000 – PIAB

Personal injury awards have declined by 40% since the introduction of new Judicial Council guidelines in April, new figures from the Personal Injuries Assessment Board (PIAB) show.

Between 27 April and the end of September, average awards dropped from €23,877 to €14,233.

The report gives information on 2,600 claims in the period showing that almost half of PIAB’s awards are now under €10,000, compared to 12% prior to the changes.

Claimant acceptance of awards also fell from 50% to 41% during the period, PIAB confirmed.

Cost

Rosalind Carroll, PIAB’s chief executive, said the figures are good news for business and the community as the cost of personal injury claims has been presented as an important factor in the price and availability of insurance.

Judicial Council guidelines came into effect on 24 April.

Just 18% of awards are now under €5,000, with 30% between €5,000 and €10,000.

Tánaiste Leo Varadkar said that the guidelines are having an effect.

The Alliance for Insurance Reform said substantial reductions in insurance premiums must follow the drop in awards.