Personal Injury Claimants Encouraged To Make Claims Directly Following New Central Bank Consumer Code
INJURIES BOARD CITES SAVINGS OF UPWARDS OF €2,000 PER CLAIM ON LEGAL FEES
Personal Injury claimants will be better placed to avoid unnecessary legal fees following a recent move by the Central Bank to compel insurance companies to forward information (see leaflet attached) about the Injuries Board to potential claimants as soon as they become aware of the potential claim. The move – which came into force on 1 January 2012 - could result in savings of upwards of €2,000 per claim or up to €20million per annum according to the Injuries Board.
Since mid 2004 all personal injury claims – motor, workplace and accidents in public places – must be processed through the State Board. However many consumers were unaware of just how straight forward it is to submit a claim directly, without incurring any legal fees. By informing claimants about the Injuries Board much earlier in the process this new initiative is expected deliver substantial cost savings of upwards of €2,000 per claim and many multiples of this for bigger awards.
Commenting, Ms Patricia Byron, Chief Executive of InjuriesBoard.ie said “Direct claims are the final piece in the jigsaw to reduce the cost of personal injury claims without reducing the size of awards to claimants. Savings of up to €100million per annum have already resulted from more efficient processing of claims which took up to three years in the past and are now typically resolved in about seven months. Consumers see the benefit of these savings in the form of lower insurance. Motor premiums for example are now 22% lower than a decade ago.
“However we believe that many claimants are needlessly reducing their net award by paying out legal fees to have someone submit information on their behalf. This is a straight forward process and our independent customer-contact staff are available to assist as necessary. Our best advice is if you’ve suffered the injury you should also benefit from the full compensation” Ms. Byron added.
Established in 2004, the Injuries Board processes claims five time faster (under 7 months v’s 3 years) and at a fraction of the processing costs (80% less) of the Courts based system. Awards are at the same level as the Courts, just much faster and without the stress of a potential Court appearance. This has delivered total savings (direct and indirect) of up to €100million per annum over recent years. These savings have facilitated lower insurance premiums for motor, home and property owners.
Ends 5 January 2012
Notes to Editor