Insurance industry ‘continues to rip off consumers & businesses’ as ‘unacceptable’ rise in premiums despite payout drop [Video]

CONSUMERS are continuing to be ripped off with sky high insurance premiums, despite a significant drop in the average cost of settling public and employer liability claims, according to a new report.

Premiums shot up by eight per cent in 2022, while claims which went through the Injuries Resolution Board fell by a third.

The report, in the latest National Claims Information Database (NCID), published by the Central Bank, shows that the average level of compensation through the IRB mechanism in 2022 ranged from €21,439 for Public Liability to €26,366 for Employer Liability claims.

Legal costs for the board route, formerly the PIAB, varied from €1,804 to €1,459 respectively.

The average compensation awarded for a litigated settlement in 2022 ranged from €37,045 for …