Keoghs Insight

Author

Samantha Ramen

Samantha Ramen

Partner

T:07713 393534

What’s on the insurance industry’s wish list for 2020?

Client Alerts17/01/2020

With a lot of legislation seemingly in the pipeline, the Keoghs market affairs team outline their top priorities for 2020.

There is a burgeoning feeling around Westminster at the moment that, after a long period of waiting, there is scope for businesses and industry to once again make their case for legislative change. Keoghs aim to be at the forefront of this in a number of ways:

Whiplash reforms

As it has been for some time, facilitating the smooth implementation of the long-trailed regulatory reforms surrounding whiplash is a key priority for Keoghs in 2020. The government has consistently maintained that 6th April is their planned date for implementation, but with every passing week, the insurance industry is given less time to prepare for the changes if indeed they do come into force on that date.

We have already engaged with a range of Ministers within the Ministry of Justice to reiterate the importance of the reforms, and of granting the insurance industry sufficient time to adjust to the proposed changes before they are implemented. We remain in dialogue with the government on this issue, and are keeping our ears to the ground for any hint about the timeline for implementation.

Fixed Recoverable Costs

Another top priority for Keoghs is Fixed Recoverable Costs, which the government held a consultation on early last year. The Ministry of Justice has been considering the industry feedback on this since June 2019.

However, owing to the political turmoil which characterised much of last year, there is a fairly sizeable pile of consultations awaiting the government’s action, so Keoghs will be lobbying the government to continue progressing with these reforms. The issuing of a consultation on the matter last year shows that whilst we could be pushing at an open door on this, its more a case of making sure that we call for this loudly enough to cut through the noise of the range of other matters that require the government’s attention.

Young Driver Safety

Our third priority for the year will take place in the slightly longer term. We had great success in 2019 in bringing young driver safety higher up the political agenda. From our parliamentary event in January to working with a variety of parliamentarians, minister and civil servants to highlight the issue and discuss solutions, Keoghs were at the forefront of championing young driver safety reform in 2019.

This will continue into 2020. We’ve made an encouraging start to the year with a meeting scheduled with Roads Minister Baroness Vere in early February, during which we intend to highlight the work that Keoghs has already done in this area, and our views on how the government could effectively legislate on graduated driving licenses to help bring down the number of avoidable casualties on the UK’s roads.