Personal injury, credit hire and credit repair: ?inefficiencies need to be addressed?
Commenting on yesterday's report by the Office of Fair Trading (OFT) following its call for evidence into the UK private motor insurance market, Nick Starling, ABI's Director of General Insurance, welcome the report and said that insurers ?want the best possible deal for consumers?.
‘We are particularly encouraged that the OFT recognise the highly competitive nature of the market and the scale of the personal injury problem facing motor insurers – something we have been arguing needs to be rectified for years – and we look forward to continuing to work with the Government to improve the personal injury compensation system,’ said Nick.
‘The industry has long said that there are unnecessary costs in the system and that there are inefficiencies that need to be addressed – from personal injury to credit hire to credit repair – and we are pleased that the OFT have recognised this in their report.
‘As an industry we are absolutely committed to taking action to improve the market for the benefit of consumers and are already working proactively to develop market practices to remove unnecessary costs that drive up car insurance premiums,’ said Nick. ‘We look forward to continuing to engage with the OFT as they undertake their market study and we hope that this will lead to improvements in the industry and lower premiums for our customers.’