Preliminary data from the Personal Injuries Assessment Board suggests that the average award has decreased by around 50%.
The information is contained in the first implementation report of the Action Plan for Insurance Reform, which Tánaiste Leo Varadkar is expected to present to Cabinet at Dublin Castle this morning.
Mr Varadkar, who is also Minister for Enterprise, Trade and Employment, published the first Action Plan for Insurance Reform last December.
It aims to make the insurance industry more competitive and consumer friendly.
Later today, the Tánaiste is expected to present a six-month progress report to ministers which indicates that new Personal Injuries Guidelines are having an impact.
Preliminary data suggests that the average award has decreased by approximately 50% with 78% of awards being €15,000 or lower, as compared to some 30% last year.
Later this year, the Government plans to further strengthen the Personal Injuries Assessment Board as well as the Consumer Protection Commission via new legislation.
Peter Boland from the Alliance for Insurance Reform told RTÉ’s Morning Ireland that while he welcomes the report, the “real test is what happens next”.
He said the recovery of Irish society will not happen at the pace it should happen at “unless we get insurance sorted”.
Mr Boland said the alliance would have expected to see premiums dropping from the 24 April but “there is no evidence that is happening so far”.
He said this has been an existential issue for the “best part of five years” and they needed to see reductions in insurance costs immediately.
He added that it was “extraordinary” how businesses and voluntary community groups have managed to keep going despite the cost of insurance.
Ireland is “completely out of line” with the rest of Europe in terms of insurance costs, Mr Boland said.
Meanwhile, the Cabinet will today receive its regular update on the Covid-19 situation from Minister for Health Stephen Donnelly.
It is further expected that Minister for Agriculture Charlie McConalogue will bring ministers up to speed on the new series of export health certification checks which will be required from October due to Brexit.