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14th March 2018
ABI says average cost of motor insurance claims at highest level
Figures published by the Association of British Insurers (ABI) highlight that the average cost of a motor insurance claim has risen to the highest level on record.
ABI’s latest motor insurance claims statistics for 2017 show that:
-The total amount paid on all motor claims, at £8.1bn, remained virtually unchanged from 2016.
-The average claim, at £2,936, was the highest on record. Increases in the cost of theft claims and vehicle repairs contributed to this rise.
-The average personal injury claim in quarter 4 of 2017, at £10,816, was the highest quarterly figure since quarter 2, 2016. The number of personal injury claims in 2017 fell slightly on 2016, with 320,000 claims settled. However, claim volumes remain significantly higher than should be expected given the continued fall in road traffic casualties. Despite the reduction in road casualties, whiplash-style claims reported to the Compensation Recovery Unit have been rising.
Rob Cummings, ABI’s assistant director, head of Motor and Liability, comments “Despite motor insurance remaining a highly competitive market, cost pressures saw the average price paid for motor insurance jump by 9% to a record high in 2017. Putting a lid on excessive costs, which end up being paid for by motorists, remains a priority for insurers. This makes it all the more important for the Government to play its part, by pushing ahead with its reforms to personal injury compensation without further delay.”
ABI Trends(1,029 articles)