ABI calls for updated Riot Act
by Richard Kilner
Story link: ABI calls for updated Riot Act
The Association of British Insurers (ABI) has warned that whilst insurers reacted rapidly to the rioting that engulfed London last year the riot compensation scheme has failed too many Londoners.
The most recent figures show that just over half the 3,487 claims made by Londoners for property damage compensation have been either rejected or discontinued.
The ABI is calling upon the Coalition Government to overhaul the Riot (Damages) Act 1886, under which the police are required to pay out compensation to those affected.
ABI Director of General Insurance Nick Starling said that overall insurance compensation for riot damage to homes, businesses and vehicles was expected to exceed £200m.
Starling went on to say that too many people who either lacked insurance at all or lacked sufficient coverage suffered unacceptable delays and bureaucracy when trying to collect the compensation to which they were entitled.
He urged the Government to update and review the Riot (Damages) Act 1886 so that it is fit for modern day London.