The insurance industry has grown even more hostile towards those who decide to claim against their insured in order to obtain compensation. Many victims, who are involved in road traffic accidents mainly, are at the forefront of abuse generated by the insurance industry that scapegoat their claims for compensation as the primary reason for increased premium prices.
However, this is a distorted view that has no factual evidence to support their accusations. Legal professionals too, are targeted for their fees which in most cases the insurance company have to pay as well. Conversely, the Independent Referral Bar of Ireland has since remarked that fees for barristers’ have significantly decreased, even as much as 50% within the last decade. The apparent reason for increased premium prices seems to be more suited to the competition within the insurance industry.
The Chief Executive of FBD Insurance stating that the competition is fierce amongst insurers particularly within Ireland, which is having an adverse affect on the finances of these insurance companies. Furthermore, in recent figures released by the Injuries Board for 2015, there has been an increase in personal injury* claims by a mere 6% which they claim is a direct result of increased social and economic activity. Therefore, those of you who have been involved in a personal injury* accident, do not let fallacies within the news regarding ‘facts’ the insurance industry have released deter you from seeking compensation.