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Irish insurers defend personal injury changes.
(From Insurance Day)
Byline: Peta Miller
IRISH insurers have hit back at claims from lawyers that a personal injury bill will not treat parties equitably.
Members of the Irish Insurance Federation (IIF) believe the Personal Injuries Assessment Board Bill (PIAB) is not designed to reduced genuine claimants' compensation, in contrast to what legal professional bodies have alleged.
"The legal profession seems to be isolated in its opposition to the PIAB," said IIF chief executive, Michael Kemp. "However, given the significant income generated by many solicitors and barristers from personal injuries litigation, perhaps it is not that surprising.
"While insurers recorded an operating profit of E127m [$152m] on motor and liability insurance in 2002, expenses and profit costs paid to the legal profession last year by insurers alone are estimated at over E340m," he added. Mr Kemp continued: "PIAB will not be able to award claimants less than they would receive in the courts, otherwise the whole purpose ...
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