Leading international law firm DWF held a forum at the Irish Architectural Archive on the rising costs of compensation claims in Ireland and how to tackle them. The event, held in Dublin last month, brought together leading insurers and industry figures to discuss the ongoing concerns around this issue. Keynote speaker was Nicholas Kearns, former President of the High Court of Ireland and Chairman of the Personal Injuries Commission. Other speakers included Michael Leahy from XS Insurance and Michael Horan, Non Life Insurance Manager, Insurance Ireland, together with Nigel Teasdale, Head of Motor at DWF and President of The Forum of Insurance Lawyers (FOIL).
Nigel Teasdale opened the forum reviewing the current issues in Ireland and comparing them with the longstanding review of the costs of motor insurance in the UK, and steps taken to tackle these costs to date. The conference focused on key issues leading to the review of the cost of insurance and the background to the Department of Finance Report on the rising costs of motor insurance together with debates around the recommendations made to deal with this issue. This included the role of the judiciary in helping to address concerns over inconsistency of awards and fraud.
DWF's Geraldine Stack, Head of Counter Fraud in Ireland, then chaired an interactive panel debate looking at the regulatory landscape and rising trends in intelligence and analytics, and practical steps to deal with big data.
Nigel Teasdale said: "The rising cost of injury claims is a key driver in the rising cost of motor insurance in Ireland. The Cost of Insurance Working Group, under the auspices of Minister Eoghan Murphy have identified a number of ways to tackle the issue, in terms of reducing both claims frequency and the cost of claims, so that they are more in line with other EU countries. We were honoured to be able to debate some of the issues with members of the Personal Injuries Commission, Insurance Ireland and many guests from across the insurance industry.
“We are convinced that the best way to achieve an outcome that will successfully reduce insurance premiums to the benefit of honest motorists is through industry collaboration and we are delighted to play our part in that"
Geraldine Stack said: "DWF are committed to using our experienced legal and consultancy team, including expertise in data analytics and telematics to robustly and thoroughly defend claims on behalf of insurer clients".
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