What is there to complain about this week?
Around 1,200 whiplash claims are submitted every day – six times more than the number of people who claim for workplace-related injuries per year – according to the ABI. Speaking at a conference last week, the association’s assistant director of motor and liability James Dalton described the condition as “a fraudsters dream”.
The Law Society wants Ken Clarke to delay his shake-up of civil litigation costs. The Society describes the justice secretary’s moves to implement the Jackson Review as “unjust” because they will cut negligence victims’ pay-outs to support an “already profitable insurance market”.
It’s not just brokers that are suffering from the activities of claims management companies, according to Which?. Consumers using such firms could lose more than £2bn in payment protection insurance payouts, owing to the 25% cut they take.
Direct Line has eaten many brokers’ lunches over the past 20 years, but now the boot is on the other foot. Last week, the granddaddy of direct insurers complained that the aggregators were not transparent enough.
Insurers’ shares slid on the back of fears over a Greek government default this week. The share prices of both Allianz and Aviva, which hold Greek sovereign debt bonds, fell as speculation grew that the troubled eurozone country will have to restructure its debt rescue package agreed barely a year ago.