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UK News - Breaking news in the field of health and safety
Better workplace risk management practices evident - ABI
The Association of British Insurers (ABI) says its members are reporting improving risk management in the UK workplace, which is helping to keep the lid on liability insurance costs.
The ABI finds:
the rate of the average liability premium has fallen significantly compared with 2 years ago;
average rate rises now reflect the level of personal injury claims inflation;
the average employers’ liability premium rose by 7% in 2004;
the cost of both the average public liability and professional indemnity insurance policy increased by 4%;
these rises compare to average premium increases of between 30 - 40% across the liability insurance market in 2002.
Comment
“There are encouraging signs that the painful but necessary premium increases of the last couple of years and better risk management are starting to ease the pressure on the liability insurance market. Firms that manage their risks effectively will face lower insurance costs. Initiatives such as the Abe’s 'Making the Market Work’ scheme are creating greater awareness of the importance of good risk management. So far trade associations representing over 200,000 firms have passed through the scheme.
Reform of workplace compensation will help ensure a competitive liability insurance market. We need a cost-effective, streamlined system to ensure that fair compensation gets to the right people as quickly as possible. This is why we continue to press for better use of rehabilitation, and alternative ways of paying for long - tail occupational disease claims.” - ABI’s Director of General Insurance.
