Central Bank issue report costs in claims settled through the state’s Personal Injuries Assessment Board.
Legal costs in claims against businesses skyrocket once cases go to court.
A new Central Bank study says legal costs in claims settled through the state’s Personal Injuries Assessment Board were just over 1,000 euro.
But if cases went to court, average legal costs surged to 20,000 euro.
Even though compensation in both routes was roughly the same.
Mark Cassidy is the Central Bank’s director of economics:
Business liability premiums rose by 24 percent between 2013 and 2019.
Junior finance minister Sean Fleming says most businesses have 'manageable' premiums:
Today we have published the first Employers’ Liability, Public Liability and Commercial Property Insurance Report of the National Claims Information Database (NCID). Read more: https://t.co/0mkp0qi2ul pic.twitter.com/A1gQxhSiug
— Central Bank of Ireland (@centralbank_ie) July 14, 2021
Peter Boland from the Alliance for Insurance Reform says the drop in case settlements still need to be passed onto consumers
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