The UK’s insurance industry “has welcomed Prime Minister David Cameron’s announcement that the Riot Act police compensation schemes will operate as normal and has promised to use its expertise to help the government and police authorities implement the scheme,” according to a bulletin from the Association of British Insurers.
The ABI also welcomed the Prime Minister’s formal agreement to its request to extend to the maximum of 42 days the amount of time claims can be made under the scheme.
The announcement came as the ABI revised its estimated figure of claims likely to be paid out by the insurance industry to be in excess of £200 million [$325.6 million], from the previous estimate of £162 million [$263.8 million].
The ABI said: “The UK insurance industry is committed to working in partnership with the Government and the police to play its part in helping businesses and communities recover from the damage.”
In addition to its own activity following the riots, the industry also offered the Government the following help “so the police compensation schemes can run effectively:
- Senior claims directors to provide overall strategic advice to the Government.
- Technical claims handler experts to assist with adjudication.
- Actuarial assistance to ensure the government is able to accurately quantify the cost of the scheme going forward
- Assistance in developing a workable claims notification form
- Assistance in negotiating appropriate rates with loss adjusters.”
The ABI’s Director General Otto Thoresen commented: “The insurance industry is already paying out claims to people with insurance, but wants to do more to support the Government in helping people get back on their feet. We will work in partnership with the Government, and share our expertise, to make sure that the police compensation schemes work effectively and get compensation to people who need it quickly. It is important that, after the sad events of recent days, we do everything we can to help people recover.”
Source: Association of British Insurers