New head of PIAB aims to reduce litigation and insurance costs
The new CEO of the Personal Injuries Assessment Board (PIAB) has said she is working with government ministers to boost the Board’s powers and help to bring down insurance costs.
Rosalind Carroll, who took over the role in March, told the Irish Independent that she is “passionate about getting things done in this area as you can see the crippling impact insurance and claims are having on businesses”.
Ms Carroll said recent figures from the Central Bank showed that the PIAB can deliver “for a fraction of the cost and in less time” in comparison to litigation.
Of injury claimant settlements between 2015 and 2019, half of injury claimants settled directly, 17 per cent settled through the PIAB and a third settled through litigation.
This corresponds to 22 per cent of injury costs settled directly, 12 per cent settled through PIAB and around two-thirds (67 per cent) settled through litigation.
For direct settlements, the average compensation was €13,427 and average legal costs were €1,397, while for PIAB settlements, the average compensation was €23,137 and average legal costs were €716.
For litigated settlements, the average compensation was €46,214 and the average legal costs were €23,409. Among the vast majority (85 per cent) of litigated settlements which were settled for less than €100,000, the average compensation was €23,572 and the average legal costs were €14,949.
Ms Carroll told the Irish Independent: “I came from the [Residential Tenancies Board] which was the regulator for the rental sector and you might think it’s a completely different area, but both have been an area of national interest as there are crises in both sectors.
“Just like the injuries board, the aim of the RTB was trying to reduce the need for litigation and that is what we are hoping to do here.”