Why Are More Injury Claims Made When They Are Less Accidents?
24 July 2012
You would assume that fewer road traffic accidents would result in less personal injury claims but a recent report by The Actuarial Profession would suggest that this isn’t actually the case.
The Actuarial Profession represents the members of the Institute and Faculty of Actuaries, who are the UK’s professional body for actuaries.
As the business professionals who deal with the financial impact of risk and uncertainty, they have reported that despite the number of road accidents decreasing by 11% in 2011, the number of personal injury claims actually increased by 18%. The result being that this could cost the insurance industry an extra £400m a year. The reason cited for the fall in motor accidents last year is fewer journeys due to high fuel prices. The actuaries said that a larger proportion of people involved in the accidents are making personal injury claims, such as whip lash.
The government are planning new laws to limit the amount of money firms can make from ‘no win no fee’ cases. The legislation would prevent lawyers claiming ‘success fees’ from the losing sides and also aims to prevent insurance companies and other parties passing on motorist’s details after an accident.
Phil Lakey, Claims Manager, at Northern Counties Insurance Brokers had this to say about the governments new plans: “Under the current process insurers are perceived as cash cows given the constant exposure to “no win no fee” companies on TV by potential claimants. Hopefully the revised process being suggested by the government will reduce costs for insurers and make the whole process more streamlined rather than the current “free for all”.
For further information about the claims management facilities by Northern Counties visit the insurance claims section of their website or call 0800 046 1446.
Other Press Releases By This Company
- 25/01/2019 - The potential of cloud technology to transform the motor insurance landscape
- 25/01/2019 - Getting smarter in the workplace
- 25/01/2019 - Pottery Firm Becomes Latest Target of Increasing Cyber Attacks
- 25/01/2019 - How Business Continuity is moving towards the cloud
- 10/04/2017 - Cyber Risk Calculator Launched to Help Businesses Calculate Data & Cyber Risks
- 10/01/2017 - Supply Chain Risk Management
- 05/01/2017 - 2017 Forecast for Motor Traders
- 21/12/2016 - Top tops for staying safe in the storms this Winter
- 16/12/2016 - Top Tips for Starting a New Business
- 09/08/2012 - Commercial Kitchens Fire Safety Advice
- 09/08/2012 - Directors and Officers Insurance - 10 Reasons Why You May Need It
- 24/07/2012 - What takes 45 seconds and can cost up to 2500 pounds?
- 24/07/2012 - The Secret to Donation Success for UK Charities
- 19/07/2012 - Why Rain Equals Pain for UK Home Owners
- 19/07/2012 - How to Help Stop Your New Business Failing
- 19/07/2012 - Flooding and How You Can Reduce Damage
- 09/11/2011 - Budding Nursery Owners Reveal Their Worst Nightmares
- 09/11/2011 - Commercial Insurance Specialist Joins Northern Counties
- 09/11/2011 - Insurance Claims Specialist Appointed to Head Leading Brokers Claim Division
- 09/11/2011 - Staff the Key to Success for Region’s Business Insurance Broker
- 13/10/2010 - UK Businesses Offered Risk Free Way to Increase Profits
- 13/10/2010 - North East set to become UK Charity Insurance Capital
- 13/10/2010 - Staff Key to Success for North East's Leading Insurance Broker
- 15/12/2009 - Nursery Insurance and the questions to ask when buying
- 09/12/2009 - Nursery Insurance – how to get the very best deal
- 30/10/2009 - Top tips for buying community group insurance
- 27/10/2009 - Trustee Indemnity Insurance - how to protect charities trustees
- 27/10/2009 - Secrets finally revealed to cheaper motor trade insurance
- 26/10/2009 - Why you need trustee Indemnity Insurance
- 26/10/2009 - Essential tips for buying small charity insurance
- 23/10/2009 - The changing face of charitable gifts
- 22/10/2009 - Amazing facts that affect our children everyday
- 22/10/2009 - Risk Management advice for UK charities
- 20/10/2009 - What makes something the best in the world?
- 19/10/2009 - Why smarter charity promotion is needed
- 19/10/2009 - Online help for small charities hits the UK
- 15/10/2009 - Nursery insurance and why expert advice is essential
- 15/10/2009 - Is the gift of giving falling as christmas approaches?
- 14/10/2009 - Identifying risks in the charity world
- 14/10/2009 - How much should nurseries be paying for insurance?
- 14/10/2009 - Essential tips for running a small charity on a budget
- 13/10/2009 - Church insurance and why religion is becoming a risky business
- 13/10/2009 - Community group insurance experts explain the secrets to success
- 06/10/2009 - Charity insurance - the secrets to getting yours for less
- 06/10/2009 - Charity insuranceb brokers NCI explain why charities must embrace technology
- 06/10/2009 - Charities and their fight for survival
- 06/10/2009 - Charity insurance experts explain why charities are becoming twits
- 02/10/2009 - Charity Insurance – the questions to ask when looking for cover
