PIAB awards result in payouts
Press Release 25th June 2007
PIAB DELIVERS OVER €100M TO ACCIDENT VICTIMS
INJURIES BOARD TARGETS €40M SAVINGS ANNUALLY IN CLAIMS PROCESSING COSTS
The Personal Injuries Assessment Board (PIAB) today (Monday, 25th June 2007) announced that it has delivered total personal injury awards in excess of €100million to date. Established in 2004, the State injuries assessment board also announced that having reached full flow activity in 2007, it expects to deliver compensation payments in excess of €100million annually from 2008.
Commenting, Ms Patricia Byron, Chief Executive PIAB said: "Delivering awards in excess of €100 million is a significant milestone for PIAB. For claimants, PIAB has delivered awards three times faster and at the same level of compensation as the Courts system thereby reducing stress and trauma for accident victims. PIAB has also delivered cost savings of €45million to date without any reduction in the size of awards to the injured parties.
"As part of our focus on delivering the same level of compensation in a faster timeframe, PIAB had sought to bring predictability and consistency to the area of medical reports (linked to claims) by setting an allowance fee of €150 per claim. Given the range and varying complexity of medical reports received by the agency over the last three years - some warranting a lesser fee and some a higher fee - the Board has decided that this approach is no longer appropriate. In taking this decision the Board also gave due regard to best practice in this area as set out by the Competition Authority last month. Accordingly, PIAB from now on, will review each report on its merits to determine the appropriate allowance.
"There is good news also for Respondents (those paying for accidents) as the costs of processing claims through PIAB continued to reduce and are currently up to 70% cheaper than litigation. Based on trends to date and the achievement of full volume activity in 2007, PIAB is targeting annual processing cost savings of €40 million relative to litigation (from 2008). We believe this is achievable whilst ensuring the same level of compensation and continuing to drive down insurance premiums for consumers" Ms. Byron added.
The Personal Injuries Assessment Board (PIAB) is an independent statutory body which assesses the amount of compensation due to a person who has suffered a personal injury. Claims can be made directly via a Lo-Call helpline: 1890 829 121 between 8am and 8pm from Monday to Saturday or by post to PIAB, P.O. Box 8, Clonakilty, Co. Cork.
Ends
Personal Injuries Assessment Board
Sorcha Coady 01 463 4551 / 086 803 2926
Murray Consultants
Pat Walsh 01 498 0352 / 087 226 9345
Robert Marshall 01 498 0351 / 086 854 4448