Law Society says lawyers ‘vindicated’ by insurance costs report

The Law Society of Ireland has said lawyers have been “vindicated” by a new report on insurance costs.

Yesterday, the Oireachtas finance committee launched a report on the rising costs of motor insurance.

The Society believes its conclusions contradict what Stuart Gilhooly, president of the Law Society, has called “self-serving insurance industry propaganda against accident victims”.

A spokesperson for the Law Society told The Irish Times: “We have seen a blame game being played here, but I think the committee cut through the fog and pointed to a lack of transparency as the key issue.

“It was a good day for Oireachtas committees and a very bad day for the insurance industry.”

The Government is also moving forward with separate plans for a commission of inquiry into personal injury claims.

Writing in Irish Legal News last week, Sinéad Carroll, partner in the litigation department of Cantillons Solicitors in Cork, said the commission “comes against a backdrop of claims by the motor insurance industry that escalating motor accident compensation awards are adding to the costs of policies”.

She added: “However, there is an absolute lack of data identifying precise causes for the soaring motor insurance premiums. Despite numerous calls being made of the insurance industry, they have refused to release transparent data backing up their bold assertions.”