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Industry leaders commit to passing on cost benefits from Civil Liability Bill announcement today

Following the announcement of the Civil Liability Bill today leaders of 26 insurance companies representing the vast majority of the UK motor and liability market have written to the Lord Chancellor, David Gauke, setting out their commitment to pass cost benefits on to customers. The signatories represent 86% of the motor and liability market written by ABI members.

The key extract from the letter states:

“In the UK’s fiercely competitive insurance market, each individual insurer will continue to make their own independent decisions on pricing in order to remain competitive. Indeed, such independent decision-making is a requirement of applicable competition law. 

“However, the signatories to this letter today publicly commit to passing on to customers cost benefits arising from Government action to tackle the extent of exaggerated low value personal injury claims and reform to the personal injury discount rate.”

The letter and a full list of signatories, which includes all the leading personal motor insurers in the UK, has been published in full on the ABI website.

 

-ENDS-

 

Notes for Editors

 

Enquiries to:
Malcolm Tarling                        020 7216 7410    Mobile: 07776 147667
Sarah Cordey                           020 7216 7375    Mobile: 07860 189071
Dominic Stannard                     020 7216 7350    Mobile: 07889  641702
Melanie Fernandes                   020 7216 7660    Mobile: 07720497617

 

2. The Government stated their intention to bring forward a Civil Liability Bill in the Queen’s speech, June 2017. This letter was prepared for this eventuality.

 

3. The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.

A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.

 

4. An ISDN line is available for broadcast

 

5. More news and information from the ABI is available on our web site, www.abi.org.uk.


Last updated 20/03/2018