People between the ages of 18 to 24 are more likely to know of someone who made an insurance claim that was not 'wholly truthful' according to a study commissioned by the CFM Group.
63 per cent of young adults had knowledge of an untruthful claim, compared to the national average across all adults of 40 per cent.
Women were found to be more in favour of capping compensation payments for personal injuries, with 85 per cent saying they would like to see the change, compared to 76 per cent of men.
This is despite a higher number of men (23 per cent) saying they definitely knew someone who had made a false claim, while that figure was just 16 per cent in women.
Age was also a significant factor in the support of caps - 91 per cent of people over 55 said payment limits should be brought in, while only 60 per cent of 18 to 24-year-olds felt the same.
Managing director of the GFM Group, Jonathan Hehir says the findings give stock to calls within the industry to limit compensation payments which would in turn have a positive bearing on premiums.
"The vast majority of people want to see changes. The crux of the matter is, the higher the cost of claims, the higher the premium the business or employer is charged.
"For a long time now, we have been calling for a complete review of the Book of Quantum and while the Government plans to replace it with new guidelines on the 'appropriate' level of personal injury awards, there is no specific commitment to reduce the award amounts.
"This is disappointing as this inaction does nothing to address the soaring, and often prohibitively expensive, public and employer liability insurance premiums Irish businesses are facing into every year."
