Admiral comments all at sea?
Maria Penny (Personal Injury Solicitor)
Henry Engelhardt, head of Admiral, recently commented that the insurance group had increased motor premiums by 12pc over the last year to “compensate for claims inflation”. He also predicted that the trend would continue this year.
However, it is also noted that premiums are likely to rise due to comparison websites, which give the consumer access to cheaper prices without the hassle of telephoning different insurers direct.
It should not be forgotten that we have also seen one of the worst winters in many years which will undoubtedly have led to accidents which will not always have involved personal injury and year on year we see many claims involving uninsured and untraced drivers which has a knock on effect on the costs for the insurance industry.
Those who sustain injury and loss as a direct result of someone else’s negligence are entitled to be compensated so they are essentially put back in the position they were in before the accident, where possible.
A protocol governs claims for compensation so as to keep costs to a minimum yet compliance with the protocol, often on the part of the insurer, is usually an issue in most cases. It is interesting to note that Mr Tarling thinks costs should be reduced yet he does not seem to want to address the real issue of compliance with the protocol, early disclosure and the speed at which claims are handled by the insurers. If these issues are addressed by the insurers I have no doubt costs will be reduced.
Of course there is also the new claims process due to come in to force at the end of April 2010 for all Fast Track (up to £25,000 in terms of value) claims which the insurers vehemently fought to bring in which provides for fixed staged costs payments in response to the insurers’ calls for costs to be reduced further.
I am not sure what else can be done to pacify the insurance industry without seriously jeopardising an individual’s right to compensation.
Tags: injury compensation, maria penny, personal injury solicitors
Personal Injury | Ralli | 
March 3, 2010 10:13 am
Subscribe