Almost 25% of all claims were settled in 2022 under personal injury guidelines introduced by the Judicial Council the previous year.rebounded in 2021 and 2022 to profitability levels not seen in a decade covering public and employers’ liability and commercial property for businesses as claims costs fell relative to
However, the sector rebounded to operating profits equating to 9 per cent of income in 2021, the highest level since 2010, before expanding further to 14 per cent, or €176 million, in 2022, according to figures from the National Claims Information Database, published by the central bank.The data goes back to 2009 and shows that the EL, PL and commercial property sector barely broke even as a whole over the 14 years.
“The cost of doing business in this country is already too high. This report proves what we already know — despite all the reforms the Government introduced, and despite the decrease in the volume and cost of claims, our insurance premiums continue to rise,” said Flora Crowe, a grocery store owner and board member of the Alliance for Insurance Reform.
The Minster also said she expects premium inflation to ease as general inflation has come back from a peak.