Insurers promised everyone that with the reforms there will be less claims against the insurers, meaning they can drastically reduce premiums for all drivers. After many years of campaigning, the reforms were introduced and the profits of the insurance industry have rocketed.
The lack of reduced premiums meant that in the first half of 2017, insurers Aviva and AXA both posted increased profits and growth. According to the Law Gazette, Aviva grew operating profit by 11% and AXA’s income from personal motor insurance grew 8%.
The insurers will do everything they can to increase and protect their profit. From blaming drivers to blaming the personal injury sector, to conjuring this ‘compensation culture’ to raising concerns of whiplash, fraud, tax, discount rates and more. We all knew it was simply their game plan to boost their profits and line their pockets. It was never about protecting the people or saving money for the drivers by lowering premiums for everyone.
If the insurers really had every driver’s best interests at heart, premiums would be down for everyone. Instead they continue to push premiums even higher as they take advantage of every opportunity or excuse they can use to drive up their profits.