PIAB records 600% increase in awards
Press Release 20th July 2007
PIAB RECORDS 600% INCREASE IN NUMBER OF PERSONAL INJURY AWARDS IN 2006
CLAIMS VOLUMES APPROACH NORMALISED LEVEL
The Personal Injuries Assessment Board (PIAB) today (Friday, 20th July 2007) announced that it has recorded an increase of almost 600% in the number of Awards issued in 2006. PIAB issued 5,573 awards in 2006 relative to just 951 in 2005. The number of PIAB awards is expected to increase in 2007 - to 9,000 awards per annum - as claims volumes approach normalized levels. This follows an effective 'clear out' of almost all personal injury cases in 2004, coinciding with the establishment of PIAB.
Commenting, Ms Patricia Byron, Chief Executive, PIAB said "The good news is that PIAB expects to see significant increases in the number of awards to about 9,000 in 2007. This will result in a reduction in claims processing costs of €40million per annum relative to the Courts".
PIAB processes claims over three times faster (7.4 months versus three years) and up to 70% cheaper than through the Courts. From 2008, PIAB expects to deliver €100m in Awards each year, resulting in annual savings in the associated processing costs of €40million per annum.
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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