Is insurance industry pulling out plug
BRITAIN'S insurance industry is accused of putting the country out of business.The British Chambers of Commerce (BCC) claims the industry is aiding and abetting the decline by refusing companies statutory employers' liability insurance cover, or by raising premiums to unrealistic levels.
BRITAIN'S insurance industry is accused of putting the country out of business.
The British Chambers of Commerce (BCC) claims the industry is aiding and abetting the decline by refusing companies statutory employers' liability insurance cover, or by raising premiums to unrealistic levels.
Now the BCC is calling on the government to take action before businesses are forced to close.
And the organisation also wants assurances from the government and the Association of British Insurers that companies will not have to shoulder similar levels of increase next year and beyond.
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For the first time, the BCC has produced hard statistical data to support what UK businesses claim they have been experiencing for the past year.
The results of a membership survey worryingly shows that more than 6 per cent of businesses and 9pc of manufacturers have been refused insurance cover altogether, while nearly 20pc of manufacturers are seeing premiums increase by between 50pc and 100pc.
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According to the BCC, more than a third of all businesses surveyed have been offered cover at higher cost with substantially increased deductible or excess payments.
David Frost, director general of the BCC, said: "The insurance industry is putting Britain out of business by refusing cover and increasing premiums to totally unrealistic levels.
"Too many of the cases that come to us from our members suggest premium increases wholly disproportionate to the risk, or unrelated to the claims history of the company concerned."
Mr Frost said it appeared that where a business was refused employers' liability cover, other insurance syndicates were playing follow the leader by also refusing cover.