Data from the report shows a significant drop in both the number and total value of personal injury claims since the introduction of judicial guidelines on awards in 2021. Between 2019—the year before the pandemic—and 2023, the volume of claims fell by 40 percent, based on new figures from the Injuries Resolution Board.

Speaking on RTÉ Radio’s Morning Ireland, Hanley highlighted the financial strain on businesses, sports organizations, and voluntary groups due to high insurance costs. He urged the incoming government to take action, stating that while claims have decreased, insurance companies continue to see rising profits.

“We need them to act on our behalf. We have seen no meaningful or sustained reductions—certainly nothing reflective of the size of the savings being made or the reduction in claim volumes,” he said.

Hanley also referenced the most recent Central Bank report, which found that while claim volumes were falling, insurance premiums rose by an average of 8 percent. Meanwhile, insurer profit margins increased by 55 percent in the same 12-month period.

However, Insurance Ireland CEO Moyagh Murdock welcomed the report’s findings, though she expressed caution about its timeframe, which overlaps with COVID-19 lockdowns when many businesses had restricted operations.

“The last report from the Central Bank showed that this (insurance coverage) was largely loss-making. That’s the problem—we cannot attract new entrants into the market under these conditions,” Murdock said.

She added that the industry had only recently returned to a nominal profit margin of 0.5 percent. “I don’t accept that there have been significant profits at all. Unless there is some level of profitability, we will not attract new competition.”

Murdock also noted that the majority of claims are still being handled through the courts rather than the Injuries Resolution Board.