Minister Troy welcomes injury awards benchmarking report and says further insurance reform must continue
Minister of State at the Department of Finance with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD, has today (2 June) welcomed the publication of the Society of Actuaries in Ireland Injury Awards Benchmarking Report.
Welcoming the report, Minister Troy said:
The report finds that, despite reductions in award levels, the average cost per policy of third-party injury claims in Ireland remained significantly above UK levels in 2024, at €205 in Ireland compared with €135 in the UK. It also highlights that legal fees remain a major driver of the cost gap between the two jurisdictions.
The findings from the report align with the Action Plan for Insurance Reform 2025–2029, which recognises that while there has been significant progress in insurance reform, some sectors still face challenges with affordability and availability.
Speaking on the Action Plan for Reform, Minister Troy noted that:
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