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.
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