Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2017
06

Queen's Speech: Crackdown on whiplash claims while pension plans shelved

Open-access content Wednesday 21st June 2017 — updated 5.50pm, Wednesday 29th April 2020

New rules will be introduced to crack down on fraudulent whiplash claims, it was announced in the Queen’s speech this morning.

2

The Civil Liability Bill is expected to reduce insurance premiums by an average of £35-£40 per year, and will ban offers to settle claims without the support of medical evidence.
 
However, there was no update on changes to the discount rate made earlier this year, which are estimated to have increased average premiums by £25-£50, and £100-£200 for younger drivers.

"Whiplash reforms are welcome but long overdue. Young drivers in particular have seen disproportionate increases to their premiums due to a range of factors - not least the dramatic change to the Ogden rate," insurethebox CEO, Mike Brockman, said.

"This is at least a glimmer of hope for the vast majority of honest motorists who are subsiding the dishonesty of a small minority of others."

The Queen's speech also introduced a new Automated and Electric Vehicles Bill, which extends motor vehicle insurance to cover the use of automated vehicles, and will provide new installation of charging points for electric cars.

In addition, a new Financial Guidance and Claims Bill will combine three financial advice bodies into one, which will coordinate the provision of debt advice, and money and pension guidance.

However, plans to replace the pensions triple lock with a double one have been shelved, as well as proposals to means test the winter fuel payment, and there was no mention of changes to the state pension age.

In addition, the controversial 'dementia tax' changes to social care have been put on hold, and will be subject to a consultation, while there was no bill proposed for possible changes to DB pensions following a recent green paper.

"All in all a bit of a non-event for us in the pensions industry," Barnett Waddingham senior consultant, Malcolm McLean, said. "However, there is still a lot of uncertainty about the future of pensions and what further changes may be yet to come."

There were eight new bills regarding Brexit announced, including the Repeal Bill which will convert EU law into UK law, while a bill setting out the next phase of the high speed two railway was also introduced today.

Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our June 2017 issue of The Actuary.
Click here to view this issue
Filed in
06

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Catastrophe Modelling Analyst - London Market Broker

London, England
£40000 - £50000 per annum
Reference
145925

Senior Catastrophe Analyst

England, London
£65000 - £75000 per annum
Reference
145924

Life Actuary - Financial Reporting - Day Rate contract

Negotiable
Reference
145923
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ