ABI welcomes riot compensation scheme announcement
The Association of British Insurers (ABI) has welcomed Prime Minister David Cameron’s announcement that the cost of damage caused during recent riots will be settled under Riot Act police compensation schemes.
The ABI has also welcomed the Prime Minister’s agreement to extend the period in which claims can be made under the schemes from 14 to 42 days.
The Prime Minister’s announcement came alongside the ABI’s revised £200 million plus estimate for claims likely to be paid out by the insurance industry in connection with the riots, and the industry is now offering the Government the following help to enable police compensation schemes to be run effectively:
Senior claims directors to provide overall strategic advice to the Government.
Technical claims handler experts to assist with adjudication.
Actuarial assistance to ensure the Government is able to accurately quantify the cost of the scheme going forward.
Assistance in developing a workable claims notification form.
Assistance in negotiating appropriate rates with loss adjusters.
Commenting on developments, ABI director general, Otto Thoresen, says: “The insurance industry is already paying out claims to people with insurance, but wants to do more to support the Government in helping people get back on their feet.”
He adds: “We will work in partnership with the Government, and share our expertise, to make sure that the police compensation schemes work effectively and get compensation to people who need it quickly.”
In a statement to Parliament earlier today, Mr Cameron said: “The Government will ensure the police have the funds they need to meet the cost of any legitimate claims.”
Category: ABI News, Insurance News
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