Bodily injury claims report reveals 9.5% inflation
The total cost of bodily injury claims paid by UK motor insurers has significantly outstripped inflation over the past decade rising at 9.5% a year between 1996 and 2006 – more than double the growth in average earnings. Results from the Fourth UK Bodily Injury Awards Study confirm that over the last 20 years costs have risen by 840%.
The report, commissioned by the International Underwriting Association and Association of British Insurers, also reveals that the number of claims jumped 3% a year between 1996 and 2006.
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