Is there anything that I can do to prevent my premium from increasing? There are many actions with little or no cost that can be done. Tip 55 – Why are premiums continuing to increase so dramatically? Here are a few reasons why… • Overly competitive pricing in the past has driven premiums to levels falling short of claim costs • Increased court settlements. High Court up 34%. Circuit Court 14% • More legal challenges to the Injuries Board award process • Heightened expectations on the part of claimants encouraged by legal profession • Inconsistency in court awards • Capital strengthening requirements imposed by Central Bank • Repayment by insurers of Social Welfare Payments and Hospital Medical costs • Lower investment returns • Higher incidents of accidents/claims • Increased cost of regulation Keep the faith folks – we’re honestly trying! Always remember – call us to discuss any/every incident. We will advise and guide you.