The ABI (Association of British Insurers) is pleased that Government proposals published today recognise the need for reform of the system of personal injury compensation.
Commenting on today's publication of a consultation on case track limits and the claims process for personal injury claims, Nick Starling, the ABI's Director of General Insurance and Health, said:
"We are pleased that the Government recognises the need for reform, and shares our objective of delivering faster, more efficient, and more cost-effective compensation to claimants. Since we published our own reform proposals in December 2005, the argument for change has become overwhelming. The Government recognise that many of our own ideas, such as earlier notification of claims and fixed time periods, are needed. We will be studying these proposals carefully, and playing a key role in the consultation process to ensure we turn pressure for reform into reality."
Notes for Editors
1. In December 2005, the ABI published proposals to improve the compensation
- A new process for resolving claims before they reach the courts. This would include fixed timetables, independent arbitration and free legal advice above the small claims limit.
- A new public tariff of damages.
- Higher financial limits that determine how claims are handled through the courts.
- Extended use of fixed fee regimes.
- New financial penalties to deter exaggerated claims or unreasonable actions by insurers.
2. The ABI is the trade association for Britain's insurance industry. Its nearly 400 member companies provide over 91% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.
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Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.ukMore Articles by Association of British Insurers (ABI) ...