Axa unveils direct launch
Axa is going to re-enter the direct motor market. It bought Swiftcover a few years back to save having to do this itself, but now everyone seems pretty convinced that motor premiums are going to go up so Axa’s up for it again using its own brand. Everyone is talking up motor insurance rates at the moment, as Jonathan Swift points out in his editorial this week.
To me it seems likely there will be a price-busting backlash from consumers as motor rates sneak up and it would therefore be safe to wager a few bob on the prospect that someone decides to dust off that old advert with the guy saying “Insurance costs! Stupid, just stupid.”
If anyone can find it on youtube for me, please get in touch.
Hoban promises ‘dedicated’ resource for insurance
You know they’re serious when they speak directly to the trade press – or at least they want to be seen as such. Tory shadow finance secretary, Mark Hoban has promised to isolate insurers from banks despite its white paper on financial regulation being called ‘From Crisis to Confidence: Plan for sound Banking’.
To be honest though, that’s about it. No details on those policies yet chaps?
How many personal injury claims are there in the UK?
Frustratingly, this article reminds us that we do not know.
It is however, a decent stab at saying what needs to be done in order to arrive at an educated guess and that perhaps someday, insurers could have accurate data to underwrite against. This piece by Dr Wilson Carswell, medical director at Moving Minds, explains how three or four sources have to be collated in order to reach an educated guess; The Hospital Episode Statistics, The National Travel Survey and the Police ‘Stats 19’. The best estimate from these three, says Dr Carswell is 800 000.
However, he points out that all three data sets only estimate physical injuries associated with road accidents. Were psychological injuries associated with RTAs added to the stats, this figure would top 1 million per year.