ENSURING smaller compensation payments for people with injury claims is the only way to reduce the cost of insurance for Irish motorists, according to Guardian PMPA's chief executive, Mr Gerard Healy.

Speaking to the Leinster Society of Chartered Accountants in Dublin yesterday, Mr Healy said: "Our prices for insurance are high for one major reason only - the amount that we pay to victims of injury and associated fees."

On average, the insurance industry estimates that on average each person has such an injury claim once every 60 years.