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Trade credit insurance claims fall for first time in four quarters but uncertainty in economy continues

Responding to the publication today of the Law Society of Northern Ireland's report into how insurers approach third parties injured in road accidents (known as ‘third party claims capture'), Justin Jacobs, Assistant Director of Motor and Liability at the Association of British Insurers, stressed:

 

"Insurers want to help innocent victims of road accidents get their vehicle repaired, and get the care and compensation they need, as soon as possible. For this reason, insurers may contact the innocent party to offer help with any claim direct.

 

"Independent research has shown that claimants do not need legal representation to get fair compensation, and that legal advice does not lead to higher pay outs. Nevertheless, insurers should always advise claimants that they have the right to seek legal advice. Helping people get care and compensation without legal advice can help bring down the cost of motor insurance, as legal costs currently add 10% to the cost of motor insurance.

 

"We will be discussing with the Law Society of Northern Ireland the issues raised in this report.

 

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Last updated 01/07/2016