PIAB’s average award in 2022 was €15,867, down by 34 per cent compared to 2020, the board’s annual report for 2022 states.

Writing in the introduction, PIAB chairperson Dermot Divilly said: “There has been great progress in the reform of the personal injuries area. However, the reforms in this area are contingent on support and implementation by all stakeholders. All of those involved in personal injuries must support the implementation of the guidelines.

“The changes brought about by the guidelines will bring order to a dysfunctional claims system, a personal injuries claims system that everyone agrees is in need of reform.

“They are a once-in-a-generation opportunity which will result in fair outcomes for claimants and in cheaper insurance premiums. It is vital that we, as a society, grasp this opportunity.”

Welcoming the publication of the report, Dara Calleary, the minister of state for trade promotion, digital and company regulation, said: “Today’s annual report from PIAB provides further evidence of what has been achieved through the action plan on insurance reform.

“The work of the Personal Injuries Assessment Board clearly demonstrates its role in delivering on this plan, and is responsible for savings of €40 million which would otherwise have been spent in expensive and prolonged litigation.”

He added: “I want to take this opportunity to commend PIAB for the work that it has undertaken not only in assessing personal injury claims but also for how it has engaged in the reform agenda through the Personal Injuries Resolution Board Act 2022.

“It is important to increase the opportunities for PIAB to deliver the benefits that have been set out in the report.”