The Personal Injuries Assessment Board has reported an increase in the rate of acceptance of awards it has made to 48%.
The PIAB's report for the first six months of 2022 also shows the overall average award for the period was €14,786, 38% lower than before Personal Injuries Guidelines were introduced.
A total of 8,989 cases were received in the six months from January to June, a 34% reduction compared to the same time in 2021.
If this rate continues, the PIAB said the total number of cases received in 2022 is likely to be significantly below the numbers received in 2021.
This will be an additional contributor to lower claims costs, it added.
PIAB said its assessment service is an alternative to litigation and reduces stress and costs for all parties, as well as providing a fair and predictable claims mechanism that can help to reduce insurance premiums.
Today's report showed that average awards fluctuated depending on the severity of the cases assessed in a particular time period.
The PIAB saw more personal injuries cases with awards over €100,000 than in the previous period reported on.
These cases included injured people who had sustained serious and often life-changing injuries.
"The report shows that overall claims costs are reducing as a result of more cases being finalised through PIAB as more people accept PIAB awards, also there is lower but fair compensation awards and less claims being made," Stephen Watkins, the Board's Director of Corporate Services, said.
He said the cost of claims has long been cited as one of the main reasons for the high cost of insurance in Ireland so the fact that overall claims costs are reducing is "good news."
Mr Watkins said traditionally around 70% of PIAB's cases relate to motor injuries, about 20% public liability, and the remainder employer liability or workplace accidents.
Speaking on Morning Ireland, he said the proportion of motor cases has "dropped a bit" in the last 18 months and there are slightly more public liability cases.
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Mr Watkins said the PIAB does not know whether the new guidelines are influencing settlements between insurers and claimants, adding that fewer than 3% of cases actually go to court and are settled "on the steps" at some stage after the case may have left the PIAB.
He said it is very important that the Board gets data in relation to what is happening in relation to settlements.
"Some settlements are made very early in the process and a claim isn't even made to us, some are made after one of our cases is rejected," he said.
He also said that the Central Bank, through its national claims information data base, collects information in relation to what is going on in the wider market, and over time PIAB expects to see some information coming from it.
Insurance Ireland today welcomed the publication of PIAB's third report since the introduction of the new Personal Injuries Guidelines in 2021.
Moyagh Murdock, chief executive of Insurance Ireland, said that while it welcomed the acceptance rate of PIAB settlements increasing to 48%, it would like to see this figure continue to increase, as it is the most efficient and cost effective way of resolving claims.
Ms Murdock said that while competition law prevents it from commenting on future pricing in the market, Insurance Ireland is "optimistic" for the future of insurance in Ireland.
"Motor insurance premiums have been trending downwards in recent years, figures from the CSO issued in October showed that motor insurance prices are down by over 10% in the year to September 2022, and are down by 43% since July 2016," she noted.
"The insurance sector fully supports the Government's Action Plan for Insurance Reform and believes that the new Judicial Guidelines on personal injuries is a key element in delivering that reform and in helping to create an environment that is less volatile and one which can deliver more consistent outcomes for customers," she added.
Meanwhile, the Alliance for Insurance Reform today called on Government to "get serious" with the insurance industry after today's PIAB report showed the new Judicial Personal Injuries Guidelines continue to have a very positive and improving impact on personal injury claims costs.
Peter Boland, Director of the Alliance, said it is up to Government to get serious with insurance providers to ensure that the benefits are passed on in premium reductions to SMEs, voluntary and community groups, charities and sports and cultural organisations struggling with the costs of staying open.
"The challenges of staying open for Irish SMEs, voluntary and community groups, charities and sports and cultural organisations have never been greater in our nation's recent history. Of all these challenges, the insurance crisis is the one closest to being solved by Government. Insurers must act in good faith on the progress already made," he said in a statement.
