Tuesday, January 10, 2017

Moves to bring down the soaring cost of car insurance have been announced.

The group, chaired by Junior Finance Minister Eoghan Murphy, has just published its report containing 33 recommendations comprising 71 actions.

The report proposes the establishment of a claims information database while, a personal injuries commission will also be set up to provide further guidance on personal injuries claims.

A database will be created to deal with the increasing number of uninsured drivers which will allow Gardaí to check insurance compliance with Automatic Number Plate Recognition.

The recommendations include the commissioning of medical research, benchmarking of international awards for personal injury cases, analysing and reporting on international compensation levels, as well as compensation mechanisms.

Mr Murphy said the recommendations “will lead to greater stability in the pricing of motor insurance and will help prevent the volatility that we have seen in the market in the past”.

The 33 recommendations aimed at addressing the cost of insurance come under six main themes:

* Protecting the consumer

* Improving data availability

* Improving the personal injuries claims environment

* Reducing the costs in the claims process

* Reducing insurance fraud and uninsured driving

* Promoting road safety and reducing collisions

The new Personal injuries Commission will be established this month and “begin immediately to review a number of key issues that speak directly to the cost of personal injuries.”

The commission will make its first report to the minister of state by the end of 2017.

The National claims information database is due to be established by the second quarter of 2018.

The Working Group will continue to meet throughout the year as the recommendations are implemented.

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