The industry lobby group said legal bills were \u201cdriving up the cost of claims in Ireland\u201d year on year, calling for a \u201ccomprehensive review\u201d of fees. It said Irish society needed to \u201cwean [itself] off litigation and reduce legal costs\u201d.<\/p>\n
It said it welcomed the news that the proposed \u201cseismic\u201d 16.7 per cent increase to award levels in courts would not happen<\/a> and it called for a review of the level of injury claims awards to take place on a continuing basis.<\/p>\n It said a \u201crobust benchmarking exercise\u201d against the level of claim awards in the UK and the rest of Europe was necessary before any changes to award levels were made.<\/p>\n Separately, Insurance Ireland also called for the establishment of an equivalent saving model akin to the UK\u2019s individual saving account (ISA). <\/p>\n In the UK, this system allows investors to put up to \u00a320,000 (\u20ac23,000) into the ISA without paying tax. <\/p>\n The groups said the model, which is also seen in Italy and Sweden, could provide a \u201cmechanism for Irish retail investors to increase participation in capital markets\u201d.<\/p>\n It also called for more clarity in the roll-out of pension auto-enrolment (AE), though noted it was \u201csupportive\u201d of the system.<\/p>\n \u201cA key issue with the current AE system is the inconsistency of the regulation of private pension schemes versus the new AE system,\u201d the group said. \u201cIt appears AE will be held to lower standard than the existing private system.\u201d<\/p>\n It said status of the AE system meant it would not be subject to existing pensions-related legislation \u2013 unlike the private pensions market \u2013 instead only being regulated by a \u201csole piece of legislation\u201d.<\/p>\n The lobby group called for clarity on \u201cwhat the retirement benefits will look like when an employee comes to retirement age\u201d, noting its concern that the system might lead to employers closing existing occupational pensions schemes which may offer better benefits to employees.<\/p>\n It also noted concerns that auto-enrolment was not \u201cgender proof\u201d, instead exacerbating gaps in pension provision between men and women.<\/p>\n Insurance Ireland also said it supported European Commission<\/a> initiatives aimed at simplifying regulation and the reduction of reporting requirements for companies to enable the \u201cstronger growth and competitiveness\u201d of the European economy.<\/p>\n The group said it was \u201cessential\u201d the Irish Government took a \u201cproactive approach\u201d in implementing European \u201csimplification initiatives\u201d and remained committed to \u201cenhancing the competitiveness\u201d of the domestic insurance sector.<\/p>\n![\"\"](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/08\/1754647931518-c07d65db-55b5-463e-ae51-976300c5837e.jpeg\"\/)
Why are some independent Irish breweries turning off their taps and closing?<\/p>\n