Insurance is still far too high but I found the below piece of the article to be odd
“even as compensation awards for personal injuries began to drop sharply under new guidelines, according to new figures.”
Followed by the below
“Still, only 16 per cent of all injury claims resolved last year were settled under the new personal injuries guidelines that were adopted in April 2021, according to National Claims Information Database (NCID) figures used for a Central Bank report published on Tuesday”.
There was a report a couple of weeks ago but the impact of the awards for 2022 which seems to show that they’re only really getting going from April or may onwards this year in terms of actually being accepted.
Personally I know my own insurance came down 20% or so this year and a good few of my friend circle have similar experience – as I would say a lot of people did. I’d hope profits would be far lower in the corresponding article in 12 months time.
One of the biggest costs to insurance companies is legal fees and many times it is cheaper to settle a dodgy claim compared to fighting it in court.
There needs to be consequences taken against people who take dodgy claims and lie in court.
Before we start attacking or defending the legal system, can we all just agree they are all assholes. Insurers and barristers/solicitors alike. We have to stop swapping blame between them and sort them both out.
To the surprise of who
Journal have a different spin on the same data, down 17% in 4 years.
My premium literally halved randomly this year, I have full ncb etc. I ain’t complaining!
Doesn’t make an sense at all. Unless it’s a big con job!
My premium went up for literally no reason whatsoever. Nothing has changed other than the year on the car and it’s only five years old at this stage.
You honestly can’t convince me otherwise that they just draw percentages out of a hat for how much your premiums go up or down because it makes absolutely no sense whatsoever.
Regulations can’t be put on the insurance industry overnight.
9 comments
Insurance is still far too high but I found the below piece of the article to be odd
“even as compensation awards for personal injuries began to drop sharply under new guidelines, according to new figures.”
Followed by the below
“Still, only 16 per cent of all injury claims resolved last year were settled under the new personal injuries guidelines that were adopted in April 2021, according to National Claims Information Database (NCID) figures used for a Central Bank report published on Tuesday”.
There was a report a couple of weeks ago but the impact of the awards for 2022 which seems to show that they’re only really getting going from April or may onwards this year in terms of actually being accepted.
Personally I know my own insurance came down 20% or so this year and a good few of my friend circle have similar experience – as I would say a lot of people did. I’d hope profits would be far lower in the corresponding article in 12 months time.
One of the biggest costs to insurance companies is legal fees and many times it is cheaper to settle a dodgy claim compared to fighting it in court.
There needs to be consequences taken against people who take dodgy claims and lie in court.
Before we start attacking or defending the legal system, can we all just agree they are all assholes. Insurers and barristers/solicitors alike. We have to stop swapping blame between them and sort them both out.
To the surprise of who
Journal have a different spin on the same data, down 17% in 4 years.
Motor insurance premiums fell by 17% between 2017 and 2021 https://jrnl.ie/5919488
My premium literally halved randomly this year, I have full ncb etc. I ain’t complaining!
Doesn’t make an sense at all. Unless it’s a big con job!
My premium went up for literally no reason whatsoever. Nothing has changed other than the year on the car and it’s only five years old at this stage.
You honestly can’t convince me otherwise that they just draw percentages out of a hat for how much your premiums go up or down because it makes absolutely no sense whatsoever.
Regulations can’t be put on the insurance industry overnight.