Lloyd's backs ABI on compensation culture
Lloyd’s has announced its support for the Association of British Insurers’ (ABI) report on Tackling the Compensation Culture and warned that Britain should avoid going down the same path as the US.
The report from the ABI revealed the real cost of compensation culture was being borne by consumers, taxpayers and business claiming that £2.7m a day was being paid by UK consumers to claimant lawyers through their motor insurance premiums.
Sean McGovern, Lloyd's general counsel, said: "Insurers are committed to paying valid claims, but steps need to be taken to stop the further growth of a compensation culture in the UK. The costs of a litigious culture aren't just borne by insurers but are a
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