Motor insurance payouts hit record high in 2023
The Association of British Insurers’ latest Motor Insurance Claims Tracker has revealed that motor insurers paid out a record £9.9bn in motor claims in 2023.
£8.4bn was paid out in 2022, making 2023’s figure the highest annual figure since the ABI began collecting claims data back in 2013.
On top of that, 2023’s £9.9bn figure meant that insurers paid out an
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Personal
ABI’s Gurga urges regulators to slash red tape
Hannah Gurga, director general of the Association of British Insurers, has urged the government and regulators to grab Alexander the Great’s sword and slash through the Gordian knot of regulation.
Close Brothers to seek consent to pay premium finance commission
From next week, Close Brothers will seek consent from commercial customers for the payment of broker commissions for premium finance.
Axa’s Zweibrucker on why promoting road safety is essential
View from the Top: Alain Zweibrucker, CEO of Axa UK Retail, explains why the insurer called on the government to do more to promote road safety earlier this year.
Home insurers that reject half of claims named and shamed
Consumer watchdog Which? has named and shamed home insurers with a claims acceptance rate of less than 55%.
Direct Line CIO Jokhoo to leave at the end of the year
Direct Line Group’s chief information officer, Ash Jokhoo, is to leave the insurer at the end of the year, Insurance Post can reveal.
LexisNexis develops check to address ‘squeeze on consumer finances’
LexisNexis has started to offer insurance providers predictive credit reporting and affordability solutions, in the aftermath of the industry’s premium finance issues.
Value concerns moving personal injury claims out of OIC portal
More claims are moving from the Official Injury Claim portal to the Ministry of Justice portal due to valuation concerns, according to Verisk Claims.
Sign up for webinar on driving retention, growth and improved customer journeys
Insurers continue to face the challenge of distinguishing and differentiating themselves on anything other than being among the cheapest providers.