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Premiums probe launched as Government ends no-win, no-fee schemes
publication date: Sep 10, 2011
The OFT will probe the background to recent reports of rising UK private motor insurance premiums, and consider whether further work may be necessary to improve the way the market works. The news comes just a day after the Government said it would bring in legislation to outlaw no-win, no-fee insurance compensation schemes in personal injury accidents and which is also pushing up costs. In future, most claimants will have to pay out of their court awarded compensation. UK annual comprehensive car insurance premiums are reported to have risen by as much as 40 per cent in the year ending 31 March 2011. The OFT wants to establish the full facts, the reasons behind any increase, and whether there are any consumer or competition issues that need to be addressed to improve the functioning of the market. As part of its work the OFT is interested in examining reports that car insurance premiums in Northern Ireland are significantly higher than they are in the rest of the UK, and understanding the reasons for any difference. The OFT is asking insurers and others for their views on a number of aspects of the private motor insurance market that may raise competition or consumer issues, including:
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