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Daily Insurance Industry News
Friday 19th of January 2018
July 13, 2011

Co-operative calls for personal injury reform

by Richard Kilner

Story link: Co-operative calls for personal injury reform

The Co-operative is calling for harsher penalties against false claimants and substantial personal injury reform.

The firm has called for harsher punishments for those who falsify or exaggerate claims, and those who cold call potential claimants.

The Co-operative Insurance believes that costs and premiums could be reduced if a number of measures were taken, including having Legal Expense Insurance cover as standard with motor policies, and making it illegal for claims books to be sold on to third parties.

In addition, Co-operative Insurance and Co-operative Legal Services have stated that they do not sell on claims data to external third parties, and Co-operative Insurance does not take referral fees from external solicitors, accident or claims management companies or credit hire operators.

Neville Richardson, Chief Executive for The Co-operative Financial Services, lambasted the system as dysfunctional, adding that genuine customers are forced to pay the higher costs.

At the start of June Groupama Insurances attacked the decision by the Legal Services Board (LSB) not to ban referral fees outright.

 

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