Thursday, 3 November 2016

Questions (37)

Niall Collins


37. Deputy Niall Collins asked the Minister for Jobs, Enterprise and Innovation her views on the review of the Book of Quantum by; and if she will make a statement on the matter. [33008/16]

View answer

Written answers (Question to Jobs)

The revised Book of Quantum was published on 5 October 2016. The publication was compiled by independent consultants and commissioned by the Personal Injuries Assessment Board (PIAB).

The revised Book of Quantum is based on a detailed analysis of 51,000 closed personal injury claims from 2013 and 2014 and includes compensation awards from Court cases, insurance company settlements, State Claims Agency cases and data relating to awards of the Personal Injuries Assessment Board. It also contains more granular detail on injuries and new injury types and more narrowly defined compensation bands. The revised Book of Quantum constitutes solid research on prevailing levels of damages in personal injuries claims.

The Book of Quantum sets out the amounts that may be awarded or assessed in personal injury claims for workplace, public liability and road accidents. It does not set personal injury award levels. It reflects settlements arrived at by insurance companies, PIAB, the State Claims Agency and the Courts so that all stakeholders involved in settling personal injury claims have an independent reference guide when assessing claims. Therefore, this should not have any inflationary effect on insurance costs.

In order for the economy to grow, and maintain competitiveness, it is vital to address insurance costs. The Book of Quantum should allow for earlier settlement of claims and have a stabilising effect on compensation awards across the market. Universal application of the revised Book by all stakeholders will bring consistency in settlements. This should reduce the volume of litigation and help reduce the cost of insurance. This measure supports the work of Minister of State Murphy on the Cost of Insurance Working Group, aimed at tackling increasing insurance costs.