The Queens Speech 2017 and What this Means to your Insurance Policy13/07/2017
A crackdown on fraudulent insurance claims was one of a number of measures to come out of the Conservative’s manifesto and into the Queen’s Speech.
The crackdown follows an increase in fraudulent whiplash claims, which have always had a long-standing effect on the insurance industry and on average leads to an extra £40.00 per car insurance premium.
The most common cause of increased claim value, is personal injury claims. Due to the Ogden rate change on 27th February 2017, insurers can no longer compensate an injured person by taking into account interest accumulated on the sum paid out, meaning insurers now have to pay out larger sums of money to accommodate all compensation.
A crackdown on fraudulent insurance claims will directly benefit both insurance companies and innocent third parties whom are being unfairly penalised. A single fraudulent personal injury claim can see an insurance premium rise by thousands of pounds.
In order for policyholders to see the beneficial impact of the latest legislation, they need to work with a broker that not only knows the industry, but also the true benefits of risk mitigation, claims handling and detailed investigation.
At First Insurance Solutions, we have a dedicated team of Risk Management Advisors, Account Executives and an in-house, award winning claims team.
For further information, advice, or a quotation please speak to one of our Fleet Account Executives on 01634 868444 or contact us online.