New figures released this week show yet again that the high volume of personal injury and whiplash claims being made in the UK are putting extra strain on all policyholders as statistics revealed that £2.4 million is being added daily to the cost of insurance premiums, which equates to £30 extra a year to every policy in the country.
It’s estimated that £876 million is being paid out every year in legal fees, with £1,666 being added to the cost of insurance premiums in the UK every minute. The cost of an average car insurance policy now stands at £418 up by 18% in the last year, with legal costs as a result of personal injury claims being blamed for pushing up the cost of premiums.
In many cases, the legal costs often outweighs the amount of compensation won, with one case highlighted this week revealing a £37,250 bill was run up in legal fees pursuing a claim where the compensation won was just £15,000.
Read More - http://www.ladymotor.co.uk/news/personal-injury-claims-adding-2-4-million-daily-to-the-cost-of-insurance-premiums-12740/
Tuesday, 28 February 2012
Tuesday, 21 February 2012
Insurance Bosses Back Cameron Over 'Compensation Culture'
The insurance industry has promised to pass on savings to customers after a cut in personal injury legal fees, Downing Street has said.
At a summit with leading insurers, Prime Minister David Cameron criticised the "compensation culture" and pledged to reduce the current £1,200 fee for lawyers on small personal injury claims.
Insurance bosses committed to ensuring the savings were passed on to the public. The firms also promised to challenge more health and safety claims rather than just paying out.
In a bid to help small and medium-sized firms, the insurance industry also indicated it would provide guidelines stipulating exactly what employers do and do not need to do to comply with health and safety laws.
Concerns have been raised by businesses that they are forced to go far beyond legal minimums to secure insurance cover.
Read More - http://www.huffingtonpost.co.uk/2012/02/14/insurance-bosses-promise-personal-injury-whiplash_n_1276895.html
At a summit with leading insurers, Prime Minister David Cameron criticised the "compensation culture" and pledged to reduce the current £1,200 fee for lawyers on small personal injury claims.
Insurance bosses committed to ensuring the savings were passed on to the public. The firms also promised to challenge more health and safety claims rather than just paying out.
In a bid to help small and medium-sized firms, the insurance industry also indicated it would provide guidelines stipulating exactly what employers do and do not need to do to comply with health and safety laws.
Concerns have been raised by businesses that they are forced to go far beyond legal minimums to secure insurance cover.
Read More - http://www.huffingtonpost.co.uk/2012/02/14/insurance-bosses-promise-personal-injury-whiplash_n_1276895.html
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