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Law firm Keoghs and the Association of British Insurers have held an event about the UK’s compensation culture at the Liberal Democrat conference.
It is one of many the organisations are holding on the subject.
The aim of the event is to discuss the extent of the perceived compensation culture in the UK, whether it is beneficial to consumers and whether proposed government reforms go far enough to tackle rising legal costs and fraudulent claims.
Director general of the ABI Otto Thoresen said: “Insurers are committed to paying fair compensation to genuine claimants as quickly as possible, however, the current system is broken and needs fixing- legal costs are too high and it is too easy to make fraudulent claims.
He continued: “The high legal costs mean there is too much money concentrated in the wrong areas of the system-resulting in aggressive marketing campaigns from claims management companies, which feed through to higher prices for consumers.”
Steve Thomas, director of market affairs at Keoghs said the meetings were an opportunity for insurers speak to politicians, businesspeople and consumer affairs to debate “the crucial issue of the compensation culture”.
He added: “The first session made it abundantly clear that there is a strong appetite for change, and there is support in nearly all areas for the interlocking package of reforms proposed by Lord Justice Jackson.
“We look forward to continuing the debate at the Conservative Party conference next week.”
Medico Legal News Source: PostOnline
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