News Release - Annual Report 2023 and Award Values Report H2 2023

Injuries Resolution Board –  Media Release

Injuries Resolution Board Report shows €75 million in saved costs due to claims not going to litigation

The Injuries Resolution Board today published their Annual Report 2023 and their Awards Value Report for the second half of 2023.

• The Annual report shows while the number of Personal Injury Claims submitted to the Injuries Resolution Board was 10% higher compared to 2022, total volumes remain 35% lower than 2019

• Total value of awards in 2023 was €105 million lower than the value in 2019. This is driven by volumes still remaining significantly behind 2019 and a reduction in median claim values since the Guidelines were introduced in 2021.

• 2023 saw the highest number of respondents ever consenting to an assessment by the Injuries Resolution Board, with a record consent rate of 71%, the highest since the Board was established. This means more cases are being resolved within the Board and are not entering the litigation system reducing the costs and time associated with resolution of claims.

Friday October 4th - The Injuries Resolution Board today published two reports. The organisation published its 2023 Annual Report and its sixth iteration of the Awards Value series since the Guidelines commenced, taking a closer look at personal injury trends for the second half of 2023.

The Annual Report showed a 10% increase in personal injury claims submitted to the Injuries Resolution Board compared to 2022 with this rise primarily driven by a 14% increase in road traffic accident claims. Despite this, total claim volumes remain 35% lower than in 2019, highlighting the impact of the introduction of the Guidelines on claim volumes.

2023 was also a momentous year for the Injuries Resolution Board as we changed our name to reflect an expansion to our service, which now includes mediation and provides more opportunities for us to support parties in resolving claims.

The Injuries Resolution Board’s Annual Report 2023 key findings include:

• Over 20,000 personal injury claims were submitted to the Injuries Resolution Board in 2023, representing a 10% increase on 2022. Despite this, total claim volumes remain 35% lower than in 2019, highlighting the impact of the introduction of the Guidelines on claim volumes.
• Record levels of engagement with the Injuries Resolution Board, with 71% of respondents consenting to an assessment by the Injuries Resolution Board—the highest level since our establishment in 2004.
• In 2023, our acceptance rate increased to 48%, the highest level since the introduction of the Guidelines.
• This rise in the number of Claimants and Respondents accepting assessments of compensation made by the Injuries Resolution Board resulted in savings of €75 million in avoided litigation costs in 2023.
• Although our increasing consent rate led to more assessments of compensation being made by the Injuries Resolution Board, the total value of assessments made in 2023 was €105 million lower than 2019, highlighting the ongoing impact of the Personal Injuries Guidelines on claim values.
• The total number of claims related to Fatal Accidents has risen by 37% in the last 2 years, with half of all fatal road traffic accident claims in 2023 involving vulnerable road users such as pedestrians, cyclist and motorcyclists underscoring the heightened vulnerability of such groups on our roads

The Awards Value Report for the second half of 2023 takes a closer look at personal injury trends offering a comprehensive analysis alongside full-year figures.

Some of these personal injury trends include:

Claim Values:

• The median award value for H2 2023 was €12,212,34% lower than in 2020 before the Personal Injuries Guidelines were introduced
• 61% of Claims are now valued at under €15,000 compared to 30% of claims in 2020
• There has been some increase in median and average award values, driven by changes in the type of injuries being assessed, in addition to an increase in special damages or out of pocket expenses, such as loss of earnings (up +49% on 2020 values), reflecting the wider inflationary environment.  

Changing trends in Types of Claims

• In second half of 2023, the percentage of severe/serious injury awards was more than twice that of 2021, increasing from 2% to 5% of claims.
• At the same time, the percentage of claims for minor injuries reduced from 86% to 76%.

Speaking on the publication of the two reports;  

Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary said:

""As the impact of the Personal Injuries Guidelines continues to strengthen, we can see the positive effect reflected in the record levels of engagement with the Injuries Resolution Board.

The increase in consent and acceptance rates demonstrates that we are making meaningful strides in the insurance reform agenda by reducing litigation costs and providing fair, efficient resolutions for personal injury claims at a difficult time in someone’s life. These results are a testament to the effectiveness of our collective efforts to create a more stable insurance environment for the benefit of the economy and society alike. I want to see all this transformative change passed onto business and consumers via reduced premiums.”

Outgoing Chair of the Injuries Resolution Board, Dermot Divilly said

“We are at a critical juncture where a suite of reforms have been delivered. We must ensure that the Guidelines are supported through every channel, that structures are put in place to give mediation a chance to succeed, and data is utilised to inform decision making”

Injuries Resolution Board CEO Rosalind Carroll said:

“The publication of these reports further highlights how significant a year 2023 was for the Injuries Resolution Board with the launch of mediation and our highest level of engagement with claimants and respondents since our establishment resulting in savings of €75 million in avoided litigation costs in 2023.

“The impact of the introduction of the Guidelines can be seen from our reports. It is important when looking at changes in claims values in Ireland, not just to focus on average awards values but the decline in the number of claims being made, with total claim volumes remaining 35% lower than in 2019 and the total value of compensation awards now €105 million lower than 2019.

“As we celebrate our 20th anniversary in 2024, these results further underscore our commitment to delivering fair, efficient resolutions while adapting to the evolving environment shaped by the Personal Injuries Guidelines.”

To find out more about the Injuries Resolution Board and the services they offer visit www.injuries.ie 

ENDS