A Central Bank inspection has found that insurance companies are acting broadly in line with consumer protection guidelines when handling third party personal injury claims.
The bank examined 418 claim files at 11 insurance firms in the three months from April to the end of June to see if they complied with the Consumer Protection Code.
It said "potential issues" were identified in two firms, and the bank was following these up.
40% of claims were settled without being referred to InjuriesBoard.ie, taking an average of 12 months to complete. The bank noted, however, that claimants who referred their claim to InjuriesBoard.ie received a higher settlement offer than the insurance companies' last recorded offer. Claims referred to the injuries board body took an average of 20 months to complete.
The Central Bank also said claims were being settled in line with the amounts set out in the InjuriesBoard.ie 'Book of Quantum'.
