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Daily Insurance Industry News
Saturday 17th of November 2018
January 11, 2011

BIBA acts on motor insurance costs

by Gill Montia

Story link: BIBA acts on motor insurance costs

BIBA acts on motor insurance costs

The British Insurance Brokers’ Association (BIBA) is calling on the Government to implement an eight-point plan to reduce the spiralling cost of motor insurance.

The Association’s recommendations, which have been submitted to the Transport Minister ahead of today’s Transport Select Committee meeting, include:

The introduction of Continuous Insurance Enforcement; signposting to a relevant broker, particularly for young or non-standard drivers; reviewing the driving test and Pass Plus; engagement with Lord Justice Jackson’s review of civil litigation costs and access to driving licence records.

BIBA has also outlined the reasons for the recent increases in the cost of motor insurance, naming: claims inflation, reduced investment income of insurers, competition, commoditisation, insurer withdrawals, uninsured driving and fraudulent claims.

The body’s head of corporate affairs, Graeme Trudgill, says: “We think the key priorities for the Government should be to introduce Continuous Insurance Enforcement, implement changes to reduce the cost of bodily injury claims and importantly signpost customers to a source of help.”


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