Central Bank NCID statistics from its 2022 Liability Report (published April 2024):

  • Insurance company profit margins grow by 55% in 12 months, from 9% in 2021 to 14% in 2022.
  • Insurance premiums for liability cover increased by 8% in 2022.
  • The total cost of settlements continues to drop and is now down 14% or €43 million on 2019 settlement levels.
  • Legal costs increased overall compensation costs by 60%.
  •  Operating profit on public liability premiums was 15% in 2021 and 2022 – a sector that urgently needs new market entrants and greater competition.

Injuries Resolution Board statistics from its 2022 Annual Report (published December 2023):

  • Amount saved in 2022 in avoided costs due to claims not going through litigation €40 million
  • Reduction in average value of General Damages (Damages for Pain and Suffering) 41%
  • Reduction in total value of awards since 2019 – €134 million 
  • 2022 claims volumes down 41% since 2019

Link to February 2024 survey of 690 Alliance member organisations evidencing the lack of positive impact of insurance reforms on their businesses.