Third Party

Objectives:

• analyse trends in average cost, frequency, burning cost and heads of damage for:
• third party property damage (TPD) claims;
• capped (<£100,000 in 2010 money terms) third party bodily injury (TPI) claims; and
• excess (>£100,000 claims in 2010 money terms) TPI claims; and
• geographical analysis by major postal towns/cities for the key TPI/TPD metric
•  trends in average cost, frequency, and burning cost associated with motor own damage claims
• work in conjunction with the Third Party Consultation and Communication and PPO Working Party to ensure that key messages of interest to the industry, consumers, the press or government bodies are appropriately aired
• ​collect additional data from within the market or from other sources as the working party sees fit
• maintain appropriate standards with respect to competition law – in particular no individual company actuary will see any data other than aggregate market data and there will be no discussion around pricing related matter
• all data processing will be hosted by Willis Towers Watson

Outputs:

2018

• GIRO 2018 workshop A4: Third Party Working Party - Expanded to include own damage experience

2017

• GIRO 2017 workshop F3: An update from the Third Party

2016

• GIRO 2016 Workshop A5: An update from the Third Party Working Party on the Latest Trends in Personal Motor Bodily Injury and Property Damage Claims

2015

• Press Release - September 2015: Liverpool remains the personal injury claims capital of the UK for road accidents
• Interim findings of the upcoming 2015 report on third party motor claims - short report
• Press Release - January 2015: Data from Institute and Faculty of Actuaries shows legal fees reduce by 65% for whiplash-type third party injury claims
• Update from the Third Party Working Party  - full report
• Update from Third Party Working Party - short report
• Reserving Seminar
• Pricing Seminar

2014

• CIGI 2014
• GIRO 2014
• Press Release - October 2014: Legal changes reduce motor insurance claims - Interim Report
• Update from the Third Party Working Party - short report
• Update from the Third Party Working Party - full report

2013

• Third Party Working Report 2013
• 2013 research from IFoA shows legal costs for whiplash claims are increasing
• Update from the Third Party Working Party (GIRO, 2013)
• IFoA response to Transport Select Committee report released today
• The Institute and Faculty of Actuaries comments on the Transport Select Committee's investigation into whiplash claims 21 May 2013
• IFoA research suggests that third party motor property damage case estimates are too low and a late rise in claims farming for 2010 injuries
• 2013 research from IFoA shows number of whiplash* motor insurance claims continued to increase in 2012
• IFoA research shows a reduction in ‘white van man’ third party personal injury claims in 2012, but they still have more than private car drivers
• Transport Select Committee:  Call for evidence on reducing the number and costs of whiplash claims (15 April 2013)
• Third Party Data Working Party Update (CIGI, 2013)
• Latest Developments Relating to Pricing (Pricing and Reserving Seminar, 2013)
• Results of the Fourth Working Party (GIRO, 2013)
• Report of the Third Working Party (2013)
• Appendix A - Transactional trends
• Appendix B - Legal fees
• Appendix C - Damages
• Appendix D - Other injury

2012

• Pricing Seminar 2012
• Article October 2012
• Open forum -UK Motor Insurance: What Every Actuary Should Know (2012)
• Article July 2012
• Third Party Data Working Party Update (GIRO, 2012)
• Breaking Research in Third Party Motor and PPOs (GIRO, 2012)
• Updated report on Third Party Motor Claims

2011

• Article September 2011
• Third Party Motor: The Journey Continues (Pricing seminar, 2011)
• Third Party Data Update (GIRO, 2011)

2010

• Third Party Data Update (Reserving seminar, 2010)
• Third Party Motor Claims (GIRO, 2010)
• Third Party Motor Claims (GIRO plenary, 2010).