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Legal changes reduce motor insurance claims

Open-access content Thursday 27th November 2014 — updated 5.13pm, Wednesday 29th April 2020

For the first time in 10 years, IFoA research shows a reduction in third-party motor insurance injury claims.

This reduction in claim frequencies appears to directly correspond with legal changes that were enforced in 2013 - most significantly, the Legal Aid, Sentencing and Punishment Offenders Acts (LASPO) - and a 35% reduction in the number of claims management companies (CMC). Research shows that there continues to be a link between claims hotspots and CMC locations. Our research has also shown that, on average, the cost of a third-party motor insurance premium has dropped by 19%, the frequency of third-party injury claims has fallen by 10%, and there has been a 5% reduction in the average cost per claimant - from £5,000 to £4,750

This article appeared in our December 2014 issue of The Actuary .
Click here to view this issue

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