However the ABI noted that the “clock is now ticking” on the first review process into how the discount rate is determined.
“For brokers… conversations with clients, who will see bills rising, are going to get even more complicated”
More than 75% of people have been targeted by claims management companies, a survey by the Association of British Insurers (ABI) has found.
David Cameron will host a summit with insurance industry representatives, consumer bodies and business groups in a bid to bring down the cost of insurance premiums and tackle the country's growing compensation culture.
The UK should look to Ireland for a lesson on tackling the problem of increasing insurance premiums, according to Catherine Barton, partner in the insurance team at Ernst & Young.