Insurers are closely monitoring, and becoming more and more concerned regarding personal injury claims.
The Personal Injury Claims market is developing into big business in it’s own right for legal advisers, and there is some question whether a percentage of claims are exaggerated.
The knock on effect of this ever increasing financial drain for insurers is that they must pass on the costs to car insurers.
AA Insurance has been gathering motor insurance data for many years, and the information collated is used to help researchers to improve the accuracy of their forecasts in relation to the climate ahead.
One such prediction states that the total cost of motor insurance claims will reach £10.9 billion by the year 2012.
Information collated suggests personal injury claims are having a significant impact on the claims industry, being the single largest contributor to the increase in the settlement cost of claims.
Simon Douglas the director of AA insurance commented that:
“Insurers are particularly concerned about the increasing legal costs and personal injury claims which last year rose by 22 per cent”.
It has been well publicised that young drivers cost the industry the most, with young male drivers claims costing an average of £4,500 compared with £2,700 for their female counterparts.
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