The Injuries board recently issued a new book of quantum which was created to reflect the level of award which is payable for different injury claims.
The sums payable for different injuries have increased since the former version of the book of quantum. The new book has accounted for recent awards given in court. What does this mean for liability insurance?
Liability insurance premiums are more than likely going to increase. The number of claims that end up going to court may reduce and the amount of claimants accepting Injuries Board judgements will increase.
If the above happens, it will lead to greater stability and predictability to liability claims, resulting in levelling premiums and maybe a reduction in premiums. This will only occur if the legal costs of claims are decreased or removed.