Dáil Éireann Debate, Thursday - 8 December 2016
14. Deputy Niall Collins asked the Minister for Jobs, Enterprise and Innovation if she will provide an update on the revised Book of Quantum by injuriesboard.ie; and if she will make a statement on the matter. [39110/16]
View answerThe revised Book of Quantum was published on the 5th of October 2016. The Book was compiled by independent consultants and commissioned by the Personal Injuries Assessment Board (PIAB).
The revised Book of Quantum provides the most comprehensive research available on levels of personal injuries awards prevailing in Ireland. It 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 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.
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.
I note in recent judgments of the High Court, the revised Book of Quantum has been referenced in the written judgments. 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.
I understand from PIAB that they propose to revise the Book of Quantum every three years.
