The number of personal injury claims has fallen by 16 per cent in 2020 compared to the previous year, with over €206 million paid out in compensation last year.
The annual report from the Personal Injuries Assessment Board (PIAB) shows 26,009 new personal injury claims were made in 2020, representing a 22 per cent decrease in the last two years.
Awards also fell by €70 million on 2019 figures, while a €92 million decrease was noted since 2018.
The average amount awarded in 2020, the last full year of the Book of Quantum being used, was €24,026, up from €23,861 in 2019. Since the implementation of the new personal injuries guidelines earlier this year, preliminary analysis has shown average awards have halved.
The PIAB found motor liability claims continue to represent the largest category for personal injury claims, representing 14,137 of the claims received. Employers liability claims represented 5,049 of those lodged in 2020, while public liability claims accounted for 6,823 cases.
The rate of acceptance of awards also fell according to the 2020 figures, dropping from 58 to 51 per cent.
The significant decreases should impact insurance costs, according to the PIAB.
Commenting on the figures, PIAB chief executive Rosalind Carroll said the reductions have led to an environment which is "ripe for premium reductions".
