With fraud adding an estimated £50 to every UK policyholder's insurance bill, preventing it is a key responsibility for insurers. But while the industry has successfully clamped down on many practices, fraudsters are adept at finding new ways to play the system.
On the 27th February, the then Lord Chancellor and Justice Secretary, Elizabeth Truss announced an unexpected change that caused a major shock. With little warning, the Discount Rate used to calculate serious personal injury compensation payments was reduced from 2.5% to minus 0.75%.
Much of the Ogden discount rate commentary has focused on the impact on motor insurance claims but the reduction has equally serious implications for other lines of liability business. There is little doubt that payments relating to significant injury claims will rise, and that rates may need to rise in order to fund this increased exposure.
In the latest blog from our ParalympicsGB Allianz ambassadors, we hear from defending Paralympic champion in the wheelchair racing, Hannah Cockroft on how she’s always been determined to prove her doubters wrong, going back to her childhood.
At school there was always that stage in the pre-game ritual when 2 captains would pick their players. No one wanted to be left until last. We are starting to see something like this analogy in the Personal Injury ATE insurance market. Pressures on insurance capacity have led to some ATE providers having a selective appetite for writing what I call ‘non- standard’ lines of Personal Injury work.
Statistics released recently by the Office for National Statistics show that cybercrime, including bank and building society fraud, is on the rise. Identity theft is part of this trend and can have major consequences on an individual’s personal life and finances. It is a risk that Home and Legacy are aware of and take very seriously.
As the post LASPO dust starts to settle David Vine, business development manager for Allianz Legal Protection considers the legal landscape - is anyone happy?
Like a lot of people in our industry, I had high hopes of LASPO. It was clear that a minority of unscrupulous claimants were manipulating the motor claims system at the expense of the honest majority.