Government To Change Insurance Legislation

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Government action to tackle the high cost and in some cases lack of availability in the insurance market will focus on legislation over the coming months.

For this year there are to be changes in several pieces of legislation including Reform of the duty of care legislation, Progress the Personal Injuries Resolution Bill 2022 to reform and rename the Personal Injuries Assesment Boad (PIAB) and Enactment of the Competiton Amendment Bill 2022.

PIAB data shows the average award has been decreased by approximately 50%.

Data from the Central Bank shows the average cost of claim for motor insurance polocies have decreased by 20%- however reductions in premiums are not matching these changes.

The government is committing to banning the practise of “price walking” by July this year making it to the first European Union member to do so.

“Price Walking” involves financial costs for loyal customers.

The Insurance Fraud Cooedination Office is to be opened by An Garda Síochána in July.

The establishment of this office will improve coordination with the Insurance Industry and aid investigations of insurance fraud by An Garda Síochána.