Claims Costs Rise As Rate Change Puts Pressure On Insurers

Law360, London (August 22, 2019, 1:06 PM BST) -- Insurers paid out almost £5,000 ($6,000) for motor claims in 2018, almost 9% more than the previous year, figures published Thursday show, as a rise in the rate used to calculate compensation for injury adds to pressure on companies to raise premiums.

Willis Towers Watson said the average cost of a motor insurance payout in the U.K. rose by 8.6% last year to £4,791, compared with £4,413 in 2017. This is the fourth successive year in which insurers have had to increase payouts for car insurance claims, which have risen by £760 since 2016, the broker said.

The increase in payouts puts...

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