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Thursday 13th March 2008
Insurers can ride out the current difficulties facing the industry as costs rise, with the consumer set to benefit.
That is the message from the Association of British Insurers (ABI), which says that soaring costs – to the tune of 75 per cent in bodily injury claims since 2000 and 66 per cent in accidental damage claims – can be negotiated.
Speaking to BBC Radio 5 Live's Wake Up To Money, ABI's Malcolm Tarling said there were "some real issues that we have around the personal injury system in this country", but was confident looking forward.
"I think the good news for consumers is that regardless of what premiums do – and the trend is for them to go up – it is still going to be a very competitive market," he said.
"Insurers are still out there fighting for business, even at the same time they’re fighting to control their rising costs."
The insurance industry has faced tough times in the last year, with the difficulties of summer flooding and downpours even added to by an earthquake which struck the UK last month.
Consumers have, however, been presented with an ever increasing array of choice when looking for products within the industry.
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