Insurance brokers may be inundated by personal injury solicitors as poor economic conditions encourage larger number of people to report incidents in the hope of scoring personal injury compensation, one industry expert recently suggested.
Hine Insurance Brokers managing director, Paul Hine, stated that he believes that there have been rising number of general insurance and personal injury claims due to just such a situation. Incidence rates are up especially in the wake of motor accidents where claimants bear no risk of damaging relationships with their employers, the managing director also said.
Mr Hine also made the observation that personal injury claims have become much more forthcoming as of late. Many individuals have been making claims even though it has been quite some time since the incident occurred, he added, with some of these instances seeing a time gap of as much as three years, and again the managing director noted that these claims were especially prevalent in situations where there was little to no danger in damaging a relationship with an employer.
Despite the news, Mr Hine expressed optimism in regards to the toll the recession was taking on the number of individuals who had chosen to make investments into insurance products of some kind. The insurance broking specialist remarked that he did not believe as such that it has been affected by the number of people purchasing insurance, but he was certain that the purchasing habits of a select number of clients have undergone changes.
Many insurance experts have blamed increased premium prices on rising claims volume recently, though government officials have countered that this has been driven primarily by the ‘ambulance chasing’ antics of unscrupulous claims management companies.