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04/07/2012
Personal Injuries Claims Soar
Insurance analysts have revealed a sharp rise in the number of people making personal injury claims, following a road accident.
A report from the Actuarial Profession reveals that despite an 11% fall in the number of road accidents in 2011, personal injury claims rose by 18%, potentially costing the insurance industry an extra £400m a year.
New government legislation is planning to limit the amount of money that firms can make from 'no win no fee' cases.
Announced in March 2011 by Justice Secretary Ken Clarke, the legislation would prevent lawyers claiming "success fees" from the losing side. Instead they would receive a share of the damages.
A high petrol price, resulting in fewer journeys, has been cited as the main reason for the 11% fall in motor accidents last year.
The actuaries said that a higher proportion of people involved in these accidents are making claims for personal injury, such as whiplash.
(H/GK)
A report from the Actuarial Profession reveals that despite an 11% fall in the number of road accidents in 2011, personal injury claims rose by 18%, potentially costing the insurance industry an extra £400m a year.
New government legislation is planning to limit the amount of money that firms can make from 'no win no fee' cases.
Announced in March 2011 by Justice Secretary Ken Clarke, the legislation would prevent lawyers claiming "success fees" from the losing side. Instead they would receive a share of the damages.
A high petrol price, resulting in fewer journeys, has been cited as the main reason for the 11% fall in motor accidents last year.
The actuaries said that a higher proportion of people involved in these accidents are making claims for personal injury, such as whiplash.
(H/GK)
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