21 June 2017
LMA welcomes Queen’s Speech commitment to personal injury claims reform
The LMA has welcomed proposals made in today’s Queen’s speech that legislation will be introduced to modernise the courts system and to help reduce motor insurance premiums.
The LMA had previously stated its support for the majority of proposed reforms contained in the Ministry of Justice’s Prisons and Courts Bill, including reducing general damages in low-value personal injury claims and increasing the small claims track limit to £5,000.
David Powell, Non-Marine Manager, said "Claims costs are now 50% higher than 10 years ago, despite a fall in accident frequency. Premiums will remain high unless the compensation system is changed to remove incentives for middlemen and minimise abuses."
A Civil Liability Bill will replace The Prisons and Courts Bill, which was at the committee stage in the House of Commons when Parliament was dissolved ahead of the 8 June General Election, which meant that there was insufficient time for the Bill to be enacted.
- ENDS -
Notes to Editors
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 0207 327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum.
For more information visit: www.lmalloyds.com.