Claims body reports massive savings for insurers
The Irish body set up to reduce insurance costs, the Personal Injuries Assessment Board, today reported that it is processing claims at a rate that is three times faster and four times cheaper than the old litigation based process whilst still providing similar value awards. Early settlement of claims is growing due to the Board’s influence, and most of the legal profession is now working with it, claimed the PIAB.
PIAB’s 2005 figures show that it delivers compensation within 9 months while the litigation process delivered compensation in 3 years. The average cost of processing a claim under the PIAB system is
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