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| 3 Dec 2010 (source: in-house) Car Insurance - Top 10 News Stories of 2010 Here's our round-up of the most significant car insurance news stories of 2010. There's been a lot going on in UK car insurance this year and we've tried to capture the most important news developments in this review. To read more about any of these items, you can follow the links. For other car insurance related news stories, check out our extensive blog titles. So here are our top 10 - the higher the rank the more important we consider the item. Number 1 The Jackson Review Lord Jackson looked at the rapidly escalating cost of civil litigation in the UK and came up with numerous recommendations. His report was widely acclaimed by the insurance industry and by many other key stakeholders. If implemented, these recommendaitons would go a long way towards containing the cost of car insurance in the UK. Number 2 Car Insurance Premium Rises of up to 50% The consumer has been hit hard by huge increases in the cost of car insurance this year. For those under 25 years of age, it has increased by over 50% while all agegroups are paying over 40% more. There are several reasons for this increase, the most important of which are the subject of other items in this list. Number 3 Rising Personal Injury Claims In conjunction with a doubling of the number of claims management companies over the last two years, the cost to insurance companies of personal injury claims has rocketed. The cost of meeting these claims is now responsibile for over half of the cost of car insurance. Number 4 Rising Cash for Crash Fraud More and more people are deliberately causing accidents in order to claim on their insurance in so-called cash for crash fraud. Hotspots include Manchester and Birmingham. Number 5 Increasing Uninsured Drivers There are well over 2 million uninsured drivers on our roads and this is likely to increase substantially as car insurance continues to increase in price. At present penalties for uninsured driving do not act as an adequate deterrent and the public have called for bigger fines while some sectors of the industry advocate widespread scrapping of uninsured vehicles along with hefty sanctions for drivers that fail to renew their car insurance when continuous insurance enforcement is introduced in early 2011. Number 6 Increasing Fraud of all Types The five most common types of car insurance fraud are cash for crash, staged accidents, phantom passengers, alleged soft tissue injuries, and a written-off car that is recycled. The cost of fraud, if an estimate for undetected fraud is included, is around £80 on the average car insurance premium. Number 7 Transport Select Committee Hearing on Car Insurance Price Increases As a response to the rapidly rising cost of car insurance, the select committee heard evidence from industry experts and opinion-leaders and was also provided with written evidence from major industry stakeholders. The need to limit the cost of bodily injury claims was the dominant message from this hearing that endorsed the implementation of the Jackson Review recommendations. Other recommendations included better support of the Pass Plus scheme by car insurance providers, more widespread use of telematics and clamping down on fraud and uninsured drivers. Number 8 The Road Ahead - Independent Report on UK Car Insurance This report, compiled by this website, is listed here because it summarises all the key issues facing the UK car insurance industry and offers a blueprint for the future in terms of what might be done to take the industry out of its current crisis and to contain escalating costs. Number 9 Young Driver Risk As the cost of insuring young drivers goes up and up, what might be done to render young people safer behind the wheel has attracted renewed scrutiny. This site and others in the industry have called for, among other initiatives in this area, better education of young people, improvements to the driving test and research on graduated driver licensing. Number 10 Insurance Companies losing Money With one or two notable exceptions, the car insurance providers have been losing money over the last two years as a result of the massive additional costs of increased personal injury claims, fraud and uninsured drivers. Conclusion The industry is in crisis and doing nothing is not an option. Like we said at the start, it's been an eventful year for the UK car insurance industry. If you want to see what we recommend to fix things in more detail, here's our industry report. car
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