UK Road Accident Injury Payouts are often 17 times higher than some other European countries
A recent RAC Foundation report indicates that the level of compensation available for road traffic accident (RTA) Personal injury claimants in the UK can be up to 17 times higher than in other European countries. Much of this significant difference can be put down to the costs in the UK for long term care for those unfortunate enough to have been very badly injured. For example, a compensation award of £600,000 in Sweden would likely to be around £6 million in France or Germany, but around £10 million in the UK.
With the UK government having recently changed the discount rate (this is the calculation method used to determine compensation awards for serious injury claims for UK Courts), it is felt that levels of compensation is set to increase, with insurance companies being liable for much larger up-front lump sum payments. Overall, according to regulator the PRA, claims costs could rise by £2 billion per year.
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