A move by the Personal Injuries Assessment Board to cut the cost of making compensation claims could save up to €2 million per year, according to the Minister for Enterprise, Trade and Innovation, Batt O’Keeffe.
Minister O’Keeffe has accepted a recommendation by InjuriesBoard.ie, the operating name for the Personal Injuries Assessment Board (PIAB ), to reduce fees paid by claimants and insurance firms using its services.
The fee paid by insurance firms will fall by €200 from €1,050, bringing it back to the level set in 2004 when the PIAB began operating. Meanwhile, the fee paid by claimants is to be reduced from €50 to €40 for an online application and to €45 for a postal one.
“The Injuries Board has estimated that the new rates will cut costs for claimants and insurance firms by about €2 million each year, making claims for victims of workplace, motor, and public liability accidents much more affordable for businesses and consumers,” said Minister O’Keeffe, adding that he expects insurance firms to pass on the new fee reduction to their customers and further reduce premiums.
