RGDATA and the Alliance for Insurance Reform have welcomed a development in insurance reform; specifically the amendment of Section 8 of the Civil Liability Act 2004.
The amendment, part of the Central Bank (National Claims Information Database) Bill 2018, reduces the period for reporting personal injury accidents to one month. This will bring an end to a loophole which has seen many businesses lack vital CCTV evidence for defending claims, thus leaving them open to bogus claims and under threat of rising premiums.
The Alliance for Insurance Reform, of which RGDATA is a member along with the CSNA, the Vintners Federation, the Restaurants Association and many more, called the amendment a step in the right direction for insurance reform.
The bill will also provide a much-needed claims database; on this topic the alliance expressed disappointment that control of the database will sit with the Central Bank and not the Personal Injuries Assessment Board (PIAB).
Eoin McCambridge, director of the alliance welcomed the Minister’s action. “It is good to finally see some substantive action on insurance reform from the government,” McCambridge said, “but there is a long road ahead if we are to reduce excessive insurance premiums in Ireland.”
The Alliance for Insurance Reform added that it hopes other commitments on insurance can be progressed quickly towards real reforms in public liability insurance for Irish businesses and, eventually, reduced premiums.