There Could Soon Be A Cap On Awards For Injury Claims
After its report on the significant rise in motor insurance costs, this latest government report focuses on business.
It includes 15 recommendations and aims to bring down the cost of premiums in this sector.
There are calls to examine capping some personal injury awards, highlighting the difference in payouts between Ireland and the UK, for example a minor ankle injury in Ireland allowing for an award of over €54,00 compared to over €12,000.
The report includes calls for tacking fraudulent claims, which are also driving up premiums, increased transparency and data sharing and ensuring that businesses are notified as soon as possible if a claim is being made.
Insurance Ireland has welcomed the report but says that the pace of reform needs to be accelerated