Posted: April 3rd, 2015
The Injuries Board Annual Review for 2014 has revealed a substantial increase in the average value of workplace injury compensation settlements.
Although the Injuries Board Annual Review for 2014 indicated a general stabilisation in the number of workplace injury claims, the average value of workplace injury settlements increased by almost 12% from €28,886 in 2013 to €32,134 in 2014.
One exceptional employer liability claim – which resulted in an assessment of €972,898 – was partially responsible for increasing the average value of workplace injury compensation settlements, which over the course of the year totalled €20.1 million.
The Injuries Board figures do not account for any workplace injury compensation settlements that were resolved by negotiation prior to the Injuries Board completing its assessment, or any workplace injury claims in which liability was contested and the claim had to be resolved in court.
31,576 applications for assessment were received by the Injuries Board last year (including motor liability and public liability claims) and, after the Injuries Board had completed its assessments, 12,420 settlements were accepted (39%).
The acceptance rate is significantly higher than the previous year due to a large volume of applications being received towards the end of 2013 which were only resolved last year. Nonetheless, Patricia Byron – the Chief Executive of the Injuries Board was satisfied with the performance of her organisation over 2014. She said:
“While the volume of new claims stabilized last year, the increase in the number of awards made by the Board is a clear indication that more respondents, typically insurers, are opting to engage with our low cost claims resolution service and recognize the real value of avoiding unnecessary and costly litigation where uncontested claims are concerned”.
Ms Byron continued: “2014 was an important year for us as we marked a decade in operation. As a result of our journey, personal injury compensation is now delivered in 7 months and at a processing cost of 6.7%, compared to almost 3 years and a cost of 58% for litigated claims. With over €1 billion in savings delivered to date and a ten year track record behind us, the benefits of non-adversarial claims resolution are unequivocal.”