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ABI responds to the Autumn Statement

Responding to today’s Autumn Statement, ABI Director General, Huw Evans, said:Huw Evans

On the announcement of further reforms to the compensation process

“This is a significant breakthrough in tackling the compensation culture and is good news for motorists. Insurers have long called for meaningful reform in reducing costs in the compensation system, including increasing the Small Claims Track Limit. Previous Government reforms have already led to insurers passing on over £1 billion in savings to motorists through lower premiums, and in a highly competitive motor insurance market, insurers will continue to pass on savings to customers”.

On the announcement of flood defence investment and maintenance spend

“Protecting homes and businesses from the growing threat of flooding is vital. Further confirmation of the £2.3bn investment in flood defences is good news and we are also encouraged to hear flood defence maintenance spending is being protected, although we will be checking the details closely.”

On the announcement to delay escalation of auto-enrolment contributions by six months

“The delay in escalating auto-enrolment contributions for six months is disappointing. With an aging population and increasing life expectancy, auto-enrolment can only succeed if people and employers start putting more money into their pension pots, to fund them through their retirement.”

Last updated 01/07/2016