Car insurance company news
26/06/2008
Claims costs driven up by medical and legal bills
Car insurance companies are finding the rising cost of personal injury claims to be causing most concern in the industry.
Average personal injury (PI) claim costs have risen from £4,277 in 2002 to more than £5,000 in 2006. This upward pressure has pushed up the total average motor claim cost to £1,636 in 2006, according to the report by financial services market analyst Datamonitor.
Overall motor cover claims are predicted to reach £10.9 billion by 2012 - from £8.5 billion in 2007 - with PI claims in road traffic accidents continuing to be the single largest contributor to claims inflation.
Car insurance firms concern
Motor insurers have seen the rising cost of PI claims being driven by legal and medical costs. This is despite improvements in road safety cutting the number of road traffic accidents - these have fallen from 222,000 to 189,000.
The research shows garage rates and replacement parts' costs are rising, meaning average bills for vehicle repairs have increased.
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