Motor and Liability Premiums Set to Soar after Increases to Personal Injury Payouts
7th April 2017
The Lord Chancellor has changed the way that compensation for serious injures is calculated meaning that payouts are set to increase significantly.
It is estimated that this change will cost insurers £7bn immediately and a further £1.2bn per year thereafter. This change will particularly affect those customers with Employers' Liability, Public and Products' Liability and Motor Insurance It is likely that insurers will try to pass this cost to customers in the form of higher motor and liability premiums. It is now more important than ever for companies to work with a broker who will help them to develop effective Risk Management strategies and make their businesses as attractive as possible to insurers, to mitigate any possible increase in premium. If you would like to receive a practical Risk Management guide please contact Emma Thornton at emma.thornton@finchib.co.uk or call 0114 303 3334
