Insurance companies in Northern Ireland have come under fire recently for the rising cost of auto insurance. The insurance companies behind the rising rates are staunch in their claims that higher premiums are the result of the increased number of personal injury claims coming in throughout Northern Ireland. While it is true that the number of personal injuries claims coming from the region is increasing, it is not because of people’s driving habits. According to the British Insurance Brokers Association (BIBA), the real reason insurance rates are rising is because…
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NYC Police liability claim costs may be higher than hospitals
A New York City comptroller issued a report that showed that the city’s property damage and personal injury claim expenses for 2010 reached almost $521 million. This marks the first time in three decades that there were greater liabilities for the police department than there were for the city’s public hospitals. That said, when compared to the previous year, the total payout from the city was actually down by 7 percent. The comptrollers from NYC are responsible for settling and adjusting claims that have been made against the city for…
Read MorePersonal injury fraud is costing us all!
Lawmakers will be focusing on ways to control auto insurance prices; mainly, by reducing the amount of scams and civil lawsuits associated with bogus personal injury claims. Staged accidents are costing law enforcement, insurance companies and private tax payers millions of dollars a year. In most states, insurance fraud is a (2nd degree) felony, with a minimum, mandatory two year prison term if convicted. In some states, like Florida, organized crime rings committing auto related accidents have gotten so out of control, the insurance industry has developed special investigation units.…
Read MoreAre no-fault insurance laws creating fertile ground for fraudlent claims activity?
Florida legislators are facing pressure to make changes to the state’s no-fault auto insurance laws. Several insurers want to see changes that would help reduce the amount of fraudulent claims they are receiving. State law requires that drivers have personal injury protection coverage that would help them pay medical expenses whether or not they were at fault. The law is designed to avoid lawsuits but insurers are saying that it is creating incentive for drivers to stage accidents. The Property Casualty Insurers Association of America, along with the Florida Chamber…
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