The PM met with the insurance industry, consumer and business groups to tackle the issue of rising insurance premiums
According to the ABI the cost of Britain’s rising compensation culture and whiplash claims adds around £90 to the average car insurance premium, which have also risen by 17% since last year making the average premium £410.
The outcomes of the summit plan to reduce insurance costs by a number of measures to include:
1. Reduce the fee that Lawyers can earn from small value claims
2. Ban referral fees for insurance companies passing claims details onto solicitors
3. Reduce the number of whiplash claims
4. Speed up the process for more claims with an increase in the threshold for fast track claims
5. Make young driver’s insurance affordable through telematics tracking to monitor driver behaviour