Minister of State at the Department of Finance with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD, has today (2 June) welcomed the publication of the Society of Actuaries in Ireland Injury Awards Benchmarking Report.
Welcoming the report, Minister Troy said:
The report shows that reforms are having a positive impact. Injury award levels in Ireland have decreased following the introduction of the Personal Injuries Guidelines in 2021, and the median award value through the Injuries Resolution Board fell by 29%.
However, more remains to be done in this space to bring award levels in line with other jurisdictions. Under the Action Plan for Insurance Reform 2025-2029, I am pleased to see progress in the drafting of the Judicial Council (Amendment) Bill 2026 to support a more robust process for the review of future Guidelines. Further work is also planned to examine the level of awards in minor/moderate personal injuries and the feasibility of introducing a cap for certain categories and a dedicated model for the resolution of minor soft tissue injuries. These actions, along with strengthening the role of the Injuries Resolution Board, will enhance the sector and provide certainty to consumers and businesses.
The report finds that, despite reductions in award levels, the average cost per policy of third-party injury claims in Ireland remained significantly above UK levels in 2024, at €205 in Ireland compared with €135 in the UK. It also highlights that legal fees remain a major driver of the cost gap between the two jurisdictions.
The findings from the report align with the Action Plan for Insurance Reform 2025–2029, which recognises that while there has been significant progress in insurance reform, some sectors still face challenges with affordability and availability.
Speaking on the Action Plan for Reform, Minister Troy noted that:
“Government is firmly committed to further action to help drive down insurance costs for households, motorists, businesses and community organisations. This is a question of both fairness and competitiveness.”
The Action Plan for Insurance Reform 2025-2029 provides a clear roadmap for the next phase of reform, including measures to strengthen transparency, improve affordability and availability, tackle legal costs, support the work of the Injuries Resolution Board, increase competition and combat fraud.
My focus, and the Government’s focus, is on ensuring that the benefits of reform are felt – consumers need to see these reforms reflected in more affordable premiums, greater availability of cover and a fairer, more predictable claims environment.”
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