Businesses and motorists should see a reduction in their insurance premiums in the second half of the year. It's after new guidelines aimed at reducing personal injury payouts were approved last month.
The Junior Finance Minister has been meeting with insurers to outline the importance of a reduction in premiums. It's after the Judicial Council last month approved guidelines that will mean pay-outs for personal injury claims will be significantly reduced.
Minister Sean Fleming says insurers have indicated they plan to reduce premiums.
Peter Boland from the Alliance for Insurance Reform says its vital that businesses see a drop in their public liability insurance premiums.
Currently payouts for personal injury claims in Ireland are on average 4.5 times higher than similar claims in England and Wales.
