Ciarán Hancock: Guidelines should force big drop in insurance premiums

Fewer claims and lower payouts resulted in cheaper burden on punters

‘Changes to how we work and live may lead to less cars on the road, and less people working in centralised premises; all of which could hopefully lead to less accidents and therefore less claims into the future,’ says the PIAB. Photograph: Alan Betson

‘Changes to how we work and live may lead to less cars on the road, and less people working in centralised premises; all of which could hopefully lead to less accidents and therefore less claims into the future,’ says the PIAB. Photograph: Alan Betson

Without doubt, the housing market has been the most dysfunctional element of the Irish economy over the past decade or so. Running it close in second place would be insurance, where rising costs have placed a huge financial burden on businesses in every sector of the economy, and forced many motorists to dig deep into their pockets to stay on the road.

This was well-articulated by Supermac’s founder Pat McDonagh on the business pages of The Irish Times on Monday, where he called for immediate reform of the Personal Injuries Assessment Board (PIAB) to beef up its powers in an effort to lower premium costs.

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