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There is a significant slowdown in liability premium rises,
but reform of workplace compensation still needed as claim costs
continue to rise says the ABI (Association of British Insurers).
Improving risk management in the workplace is helping to contain
liability insurance costs for many businesses according to an
ABI survey of its member companies. The rate of the average liability
premium has fallen significantly compared with two years ago.
Average rate rises now reflect the level of personal injury claims
inflation.
"There are encouraging signs that the painful but necessary
premium increases of the last couple of years and better risk
management are starting to ease the pressure on the liability
insurance market," said Nick Starling, the ABI's Director
of General Insurance. "Firms that manage their risks effectively
will face lower insurance costs."
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