Central Bank Must Publish ‘Blue Book’ Data
ISME, the
Below we show an example of how the Blue Book data from its final year of publication can be used to estimate the average income per lawyer in
Click here to view the table: (https://www.isme.ie/central-bank-must-publish-blue-book-data/)
The Blue Book allows us to analyse the total claims paid by insurers in Accident, Health and Motor claims in 2015, and to exclude VHI and
The data above serve as a rough guide only to the amount earned by lawyers since (a) the figures quoted are three years old; (b) the average personal injuries award rose 10% between 2015 and 2017; (c) approximately 20% of solicitors practice solely in-house; (d) approximately 24% of solicitors practice in the Top-20 firms, and are generally not involved in personal injuries litigation; and (e) many barristers operate exclusively in specialist areas other than personal injuries. In practice, the amount earned by those lawyers who normally practice in personal injuries will therefore be multiples of the (approximately)
Despite the impending publication of the Personal Injuries Commission Report, which will show that Irish personal injuries awards are a multiple of 4.4 times those paid in comparable jurisdictions, we can expect that the legal lobby will fight tooth and nail to maintain this level of social rent imposed on Irish citizens and businesses.
This analysis also excludes legal costs arising in areas such as life assurance, risk insurance, marine, aviation and transit insurance, fire and property insurance, liability, credit and suretyship insurance, and reinsurance.
ISME accepts that this estimate is a crude one. It is necessarily so because of the complete lack of transparency in the insurance industry. Mr
ISME CEO
(1).
(2). Cost of Insurance Working Group First Motor Insurance Key Information Report,
Markel German Insurance Company Gains A.M. Best a Rating
Treasury Secretary Mnuchin Issues Statement on Medicare Board of Trustees Meeting
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News