Paddy Burke (Fine Gael) | Oireachtas source

Various stakeholders have been before this committee but none has taken responsibility for the increase in costs. It is nobody's fault that cost of premiums has risen by 70% in the past three years, which is a staggering figure. According to the submission from the Personal Injuries Assessment Board, PIAB, the figures show that personal injuries motor claims volumes and average award values are static. The witnesses have argued that there is an absence of overall data, an issue that has been raised by several groups as a major problem. It has been argued that improved availability of data may help to reduce the cost of premiums. The PIAB has also said that there could be an issue with the claims that are settled outside of the PIAB process but it does not have access to the full facts on those claims.

The Minister for Finance has suggested that legal fees were a contributory factor in the increase in insurance costs. However, representatives of the legal profession appeared before this committee yesterday and refuted this suggestion. They also pointed to the absence of data as an issue.

The book of quantum, which is currently being reviewed, has also been raised on numerous occasions. Do the actuaries have any input into the preparation of the book of quantum?