Injuries Board Statement
Claims Experience Does Not Justify Insurance Hike - Patricia Byron
Patricia Byron, the Chief Executive of the Injuries Board has today (Sunday, 28th September 2008) hit out at speculation that insurance premiums should rise by 10 to 20 per cent.
Responding to recent predictions by the Irish Broker's Association that international investment market conditions will result in a hike of up to 20 per cent in insurance costs here, Patricia Byron said "claims costs are the prime drivers of insurance premiums in Ireland and there has been no significant change in claims costs in recent months.
"Since the Injuries Board was established in 2004, the delivery (administration) cost to insurance companies of claims settled through the Board has fallen from nearly 50 per cent to less than 8 per cent. This has helped drive down the cost of insurance in recent years.
"At a time of economic downturn, with cost pressures facing business and consumers alike, it is important that the hard-earned cuts in insurance premiums of recent years are not reversed on the basis of tenuous or unsubstantiated links to global investment market turmoil."
Ends. Sunday, 28th September 2008
For Reference:
InjuriesBoard.ie
Gerry Naughton
Tel.: 01 4634565 / 086 239 4265
Murray Consultants Limited
Pat Walsh
Tel.: 01 498 0300 / 087 2269345
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