Compensation guidelines to reduce payouts by 50%
New compensation guidelines have reduced the amount of damages which can be awarded to the tune of 50% but that should just be seen as a starting point.
That's according to Cork TD Christopher O'Sullivan who recently facilitated a meeting between the Minister of State with responsibility for Insurance Sean Fleming and West Cork hoteliers who say they're seen as an easy target for claims and payouts.
It's hoped the reforms and new guidelines will be fully implemented within the next year, however hoteliers have called for assurances as the hospitality sector is facing huge challenges in the wake of the pandemic and those in the industry say they shouldn’t have to suffer big premiums.
Speaking to RedFM News Cork TD Christopher O'Sullivan says Ireland needs to be more in line with Europe when it comes to pay-outs.
"Judiciary have made the decision to reduce premium payouts by 50%.
"Any reductions to payouts is welcome, but at 50% Ireland is still about 8 times higher than our EU counterparts.
"So we need to go a lot further than that in terms of reducing the payouts that are having to happen in instances of claims that individuals are bringing."
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