>“The total cost of settling liability claims is down by 12pc due to a reduction in the volume of settled claims and the average cost of settling them. Importantly, it appears that insurers are sticking to the Judicial Guidelines in terms of direct settlements. In light of these reductions there is a compelling argument to pass on savings to liability policy holders without any further delay and any premium increases would simply be unconscionable.”
So the cost of settling claims is going down but legal costs are going up.
Doesn’t really add up. Tellingly, their headline doesn’t lead with “insurers’ costs coming down.”
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>“The total cost of settling liability claims is down by 12pc due to a reduction in the volume of settled claims and the average cost of settling them. Importantly, it appears that insurers are sticking to the Judicial Guidelines in terms of direct settlements. In light of these reductions there is a compelling argument to pass on savings to liability policy holders without any further delay and any premium increases would simply be unconscionable.”
So the cost of settling claims is going down but legal costs are going up.
Doesn’t really add up. Tellingly, their headline doesn’t lead with “insurers’ costs coming down.”