Business insurance costs up 15% despite reform - survey

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The cost of insurance for businesses and voluntary groups continues to rise despite reductions in the value of certain personal injury awards introduced earlier this year, a new survey has found.

The Alliance for Insurance Reform says recent insurance renewal costs are up 15% on average, despite the changes made by the Judicial Council being put in place in April.

Homecare businesses have seen the biggest increases in premiums, up 122%, while nursing homes have seen their insurance costs rise 35%. Last week, the Personal Injuries Assessment Board said its average awards since the new guidelines came into effect had dropped by 40% compared to last year. It also claims a range of other reforms need to be carried through on, including by rebalancing the duty of care, reforming PIAB and establishing a publicly-owned fraud database.

 

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The reduction was PIAB only. The courts and WRC are handing out compo claims like confetti. A woman received €100,000 for a fall in a restaurant. We have to pay for that in our premiums.

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