It was reported yesterday that figures released to Minister Michael McGrath confirm that insurance companies paid out more in claims in 2011 and 2012, than in 2014. This effectively dismisses the proposition that compensation claims are to blame for the soaring premiums.
It had been suggested by the Insurance Industry that an increasing volume of cases and an increase in the amount of compensation being given caused the hard pressed motorists to pay even more for their car insurance. That suggestion has not stood up to scrutiny.
This is a welcomed announcement and it now falls for a detailed examination to take place to assess the real reason behind these soaring premiums.
It is also hoped that this announcement will go towards dispelling the notion that compensation for victims should be reduced. These recent comments by the Insurance Industry coincided with calls for a downwards revision of the Book of Quantum. While a review of the Book of Quantum is welcomed, it should be a realistic review to appropriately compensate victims who have been injured.
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