Statistics 2007
2007 Statistics
2007 Assessments (Awards) - Values
| Total Value of Assessments | €181million |
| Total Value of Accepted Assessments | €102million |
Assessments (Awards) - Savings to Date
According to the Motor Insurance Advisory Board (MIAB), the cost of delivering awards under the litigation system prior to the establishment of PIAB was 46% of the award value. These figures are supported by the findings of the independent Cost Benefit Analysis (Dr Vincent Hogan, UCD) conducted at the end of 2006, which reported PIAB cost savings of almost €24 million up to the end of October 2006 (Section 5).
Any reduction in the cost of delivering compensation is of benefit to consumers through reduced premiums or payments for goods and services. Details of reductions in insurance premiums can be obtained from the Central Statistics Office or the Financial Regulator.
2007 Delivery Costs & Savings
| Total PIAB Delivery Costs | €7.4million (7.2%) |
| Comparable Litigation Costs (Under old system) | €47.15million (46%) |
| Actual Savings (PIAB vs. Litigation Sytem) | €39.75million |
2007 Average Value of Awards by Category
| Motor Liability | €21,707 |
| Employer's Liability | €26,038 |
| Public Liability | €20,792 |
2007 % Breakdown of PIAB Awards by Value
The concentration of PIAB awards in the value categories below €38,000 is reflective of the historical situation as evident in data from the Courts Service. Historical court data shows that 89% of awards were below €38,000. In 2007, 91% of PIAB awards were also in the same category.
2007 % Breakdown of All Awards by Claim Category
2007 Highest/Lowest Awards
2007 Compensation Timeline
- 100% of cases are assessed within the statutory timeframe as set out in the Personal Injuries Assessment Board Act 2003
- The average timeframe from the date of Respondent consenting to PIAB assessing the claim is 7 months
- Prior to the introduction of PIAB, cases took on average 36 months to be resolved through the litigation system.