Insurance Ireland today welcomed the publication of the fourth implementation report of the Action Plan for Insurance Reform.

Moyagh Murdock, CEO of Insurance Ireland in welcoming the report said: “Insurance Ireland and its members have consistently supported insurance reform and collaborated with the Government on its Action Plan.

“Insurance Ireland members remain committed to passing on the benefits of lower costs of claims to customers. This is evidenced by recent CSO and NCID data, which show that Irish consumers have been protected from the challenges that other European insurance markets are facing.

“Much has been achieved through the Action Plan to date with 2023 bringing significant change in the form of the rebalancing of the duty of care in Ireland and the reform of the Injuries Resolution Board (formerly the Personal Injuries Assessment Board; PIAB) but it is important that momentum is not lost.

“The success of the recent reform of the Injuries Resolution Board is of utmost importance so that fewer cases go to the courts where the legal costs add so much to the overall cost of settling claims.

“We look forward to engaging with and continuing to support the Cabinet Sub-Committee’s Working Group in 2024. It is important the industry is represented in these discussions as we believe we can add significant value in this regard.”