AXA has warmly welcomed the reforms to RTA-related claims in the Government’s Prisons and Courts Bill which will see a drastic reduction in damages for injuries that last up to two years.
David Williams, the technical director at AXA, said that being able to claim thousands of pounds for minor whiplash injuries that were almost “impossible to verify” was “absolutely ludicrous”.
“[It has] only served to indulge the actions of claims management companies and fuel the rise of ‘a have a go’ compensation culture in the UK,” said Williams.
“By drastically reducing the cash incentive for these claims the Government has taken a strong stand in favour of honest motorists who will now save around £40 on their motor insurance premiums.”
Meanwhile AXA UK & Ireland has announced another year of growth and profitability, with the insurance giant increasing its overall revenue by 8.1% to £4.4 billion. Its UK insurance personal lines business grew by 5.4% to £1.2 billion.
Amanda Blanc, group CEO, AXA UK & Ireland, said: “These are a really strong set of results and the delivery of five consecutive years of profitable growth shows that the turnaround of this business is not only complete, but one year on, the business continues on the right trajectory. However, it is clear that the uncertainty in financial markets and the wider economy continues and we must be vigilant to the consequent risks and ready to react to the opportunities that arise.
“Growth has been strong across the business with profitability a key focus. Performance is very healthy in all our core business lines, reinforced by a burgeoning culture of innovation and digitisation.”