James Dalton, Director, General Insurance Policy, said:
“Millions of motorists will welcome the Government’s commitment to further tackle the compensation culture that is contributing to rising motor insurance premiums. We have been pushing for further reforms to ensure proportionate compensation for lower-value whiplash claims, and it will be important to strike the right balance between the interests of claimants and those of premium paying motorists. This Bill also offers an opportunity that must be seized to reform the Discount Rate used to calculate personal injury compensation awards. We have repeatedly said that the current Rate means significantly higher costs for compensators, such as the tax-payer funded NHS, and for insurers, so making premium increases for millions of motorists and businesses inevitable. The Government must urgently commit to ensuring we have a system that is fit for purpose for claimants, compensators and insurance paying customers.
“Confirmation of tougher regulation of claims management companies cannot come soon enough for people who are plagued by unsolicited calls and texts. Disreputable firms are fuelling a compensation culture that contributes to higher insurance costs for many.
“It is good to see the Government sticking to its intentions to put the UK at the forefront of developing autonomous vehicles. The insurance sector supports this wholeheartedly and is helping with the practicalities of getting autonomous vehicles onto our roads.”
Yvonne Braun, Director of Policy, Long-Term Savings and Protection, said:
“Pension
s policy should benefit from a period of stability. What really matters is that the Government remains committed to delivering key projects and policies which will encourage people to plan and save for their future retirement and care needs.
“In particular we will be urging new ministers to continue championing the work which is under way to create pensions dashboards, as their predecessors did. A dashboard infrastructure is crucial to bring pensions into the modern digital world and we believe dashboards have the potential to revolutionise how people think about saving for later life. The pensions industry in all its forms remains committed to taking this project forward.”
James Bridge, Assistant Director, Head of Conduct Regulation, said:
"The Government’s decision to create a new public financial guidance body echoes the ABI’s own calls that quality advice and guidance are critical to supporting good customer outcomes. Improving access to advice and guidance has to be a priority and we look forward to engaging further with the Government on this issue going forward."