" What’s not captured in the Central Bank report is the new Duty of Care environment since July 2023 following Government amendments to the Occupiers’ Liability Act 1995. Businesses now know with confidence that the issue of ‘slips, trips and falls’ has been legislated for and the market has become more fairly balanced for all. This new environment will help deliver major benefits to businesses in the future when it comes to securing more favourable insurance cover at renewal time.
I note the annual change in business insurance for 2022 mirrored the 7.8 per cent inflation rate at that time. As the rate of inflation has since eased, it is my expectation that we will see the same happen in relation to business insurance premiums. I will continue to raise these two issues with the insurance industry on behalf of businesses when I meet them and expect that we will see the impact of the reforms, as well as the softer inflationary environment feature in future iterations of the NCID reports.
As with all previous NCID reports, this edition demonstrates the significant cost and time savings that arise from using the Injuries Resolution Board as opposed to litigation to settle claims. Using the Board more means that we can achieve quicker outcomes for anyone with an injury, but with a much lower cost overall. These costs – in particular higher legal costs arising from litigation – are passed on to all consumers in the form of increased premium prices. That is why Government has enhanced the Board, to ensure it retains as many claims as possible.”
