The Justice Secretary unveiled a new Bill yesterday, offering hope of reduced car insurance premiums as part of a wider programme to tackle the UK’s compensation culture. The Bill includes changes to the way the personal injury discount rate is calculated.
Commenting on the Bill, Keith Binley, Managing Director of LexisNexis Risk Solutions, Insurance, UK and Ireland said: “We welcome the measures announced today to tackle the widespread issue of unverified claims in the motor market and bring the discount rate back to a level that is sustainable for the sector.
“The Government hopes the new Bill will lower the cost of insurance and put money back in the pockets of law-abiding motorists. We continue to support this worthy goal by enabling the UK motor insurance sector gain a clearer picture of individual risk, improve underwriting accuracy and combat fraudulent claims with the use of industry-wide contributory data, insight-driven analytics and advanced technology.
“These reforms are welcome and long overdue. Insurance providers need to use every tool in their armoury to tackle rising motor insurance costs – putting data insights at the heart of that strategy ultimately means a fairer deal for honest motorists.”