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A new report claims that personal injury claims will push the cost of insurance up by 28 per cent over the next five years.
The number of people claiming compensation after being involved in an accident has risen considerably, at great cost to insurers.
Despite road accidents falling between 2002 and 2006, the amount spent on payouts has risen. In 2002 there were 222,000 road accidents in total, which fell to 189,000 in 2006.
However, the average payout to someone injured in a road accident has risen from £4,277 to £5,331. This reflects rising medical and legal costs.
Market analyst Datamonitor, predicts that between now and 2015, the amount insurers pay out in claims will rise by £2.4 billion, estimating that in 2015 £10.9 billion will ne paid out by insurers over accident claims.
Mahreen Hussein, author of the report said “personal injury claims continue to constitute the largest bill for motor insurers.”
“Strong rates of inflation relating to medical costs and legal costs are the primary reason behind escalating bodily injury costs which have grown significantly in recent years.”
The Association of British Insurers had this to say on the matter: “In recent years claims costs have been rising for insurers, and one of the key factors has been rising personal injury costs.”
However he wished to reassure consumers that prices would be kept under control, saying “insurance companies are looking at ways to keep claims costs under control and premiums under control.”
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