Dominic Clayden, claims director at Aviva, the UK’s largest insurer, said of the Office of Fair Trading’s decision to refer the private motor insurance market and related goods or services to the Competition Commission: “We believe today’s announcement by the OFT is an important and welcome step in bringing the necessary reform to the motor insurance market to strip out excessive costs in connection with credit hire, repair and non-fault personal injury claims that have driven claims costs and motor premiums skywards."
Dominic Clayden, claims director at Aviva, the UK’s largest insurer, said of the Office of Fair Trading’s (OFT) decision to refer the private motor insurance market and related goods or services to the Competition Commission:
“We believe today’s announcement by the OFT is an important and welcome step in bringing the necessary reform to the motor insurance market to strip out excessive costs in connection with credit hire, repair and non-fault personal injury claims that have driven claims costs and motor premiums skywards.
“We are particularly pleased that the OFT has expanded the scope of its referral to include non-fault personal injury claims, which have increased in recent years despite a long-term decline in the number of accidents on our roads.
“Only by fundamentally reforming the law and current practices applicable to all players in the motor claims market can we reduce cost pressures – and therefore premiums – for our customers.”