The National Competitiveness Council has said key actions must be taken to reduce costs in the Irish liability insurance market, including bringing personal injury award levels in line with other jurisdictions.
It also said the importance of competitive insurance costs for Irish enterprises, particularly small and medium sized firms, needs to be re-emphasised. The competitiveness watchdog said key actions, such as bringing personal injury award levels in line with other jurisdictions, ensuring award levels are consistent and reducing settlement costs are now needed in order to lower costs and increase availability.
But it also stated that if this fails to reduce costs, then further action like the Oireachtas setting award guideline levels may have to be considered.
Source: News Formal (newsformal.com)