The insurance industry is set to make savings of around £300 million from changes to the way personal injury compensation is calculated, according to Government figures. The notion that this is somehow not enough, and that consumers will now be stung for higher premiums is both breathtaking and deeply cynical.
The calculation is designed to ensure that people who have suffered catastrophic injuries have the funding they need for their care, for the rest of their lives. These are people who have been injured needlessly because of the negligence of people who have paid for insurance cover for the very purpose of providing adequate compensation to those whose lives they have shattered.
This could be a child who was injured at birth, someone who has suffered life-changing, crippling injuries at work, or a driver who has been paralysed in a car crash.
Injured people should not have to take risks in the way they invest the money which is to last for their rest of their lives. The idea that consumers should pay the price because the insurance industry has not made a big enough saving from this change is, frankly, shameless.