General Insurance Article - ABI responds to cost of motor insurance


ABI responds to transport select committee report on the cost of motor insurance

 Responding to the publication today of the Transport Select Committee report on the cost of motor insurance, Nick Starling, Director of General Insurance at the ABI, said:

 “We are pleased that the Transport Select Committee has recognised that spiralling personal injury claims are the real reason car insurance premiums have been increasing and made recommendations for meaningful reform. It is absolutely critical that Britain’s whiplash epidemic is tackled once and for all and the Select Committee’s acknowledgment that the bar to receiving compensation for whiplash is too low is a step in the right direction.

 “The Committee is also right that the fees lawyers receive need to be reviewed as they currently add unnecessary cost.

 “Every motorist wants the best deal and insurers are determined to deliver value for money motor insurance. Our customers are fed up of getting text messages, fed up of the compensation culture and have had enough of paying higher car insurance premiums to line the pockets of ambulance chasing lawyers and claims management companies.

 “We are baffled though that the Transport Select Committee has again called for the transparency of referral fee arrangements of insurers. Referral fees should be banned altogether and not made more transparent - and that ban should apply to all organisations receiving them, not just insurers. Banning referral fees and, crucially, reducing legal costs will improve the situation for customers."
  

Back to Index


Similar News to this Story

XPS Pensions Group appoints new Head of Investment
XPS Pensions Group (XPS) announces the appointment of Alasdair Gill in a new role, as Head of Scotland Investments Team, to help grow their propositio
European Reinsurers can claim capital credit from Guernsey
Guernsey reinsurance works for EU-domiciled insurers and allows them to take credit in capital calculations for reinsurance under Solvency II regulati
Mike Brockman says night time curfews may kill young drivers
Responding to the Government’s plans to explore the introduction of graduated licensing for young drivers , Mike Brockman, the pioneer of telematics i

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.