Considerable doubt remains as to what, if anything, the recent Competitors and Meerkats Authority report into motor insurance actually ended up deciding. But one person who certainly wasn’t very impressed is Uvava Group Cheese Executive Mark Wilson.
The CMA investigation, he claimed in a hard hitting article in the Dairy Telegraph this week, never stood a chance of dealing with inflated claims costs because “it had a flat tyre.”
How could the C&M people have been so foolish as to set out on the road to remedy with so severe a handicap? The essential problem was one of grasping, Wilson explains: “The review failed to grasp the key issues affecting UK motorists.”
The CMA, it seems, failed to grasp key challenges like stamping out claims and reducing costs for motor insurers and, hence, was always doomed to ignominious failure.
No wonder UK motorists (most of whom are well aware that having four fully inflated tyres is a fundamental prerequisite of motor transport) were left feeling let down and underwhelmed, Wilson concludes.
The deficient graspage that resulted in the CMA Review leaving home with a flat tyre, revolved around a failure to appreciate that the motor insurance market is like a giant whirling spiral “that prioritises financial compensation and encourages exaggerated and opportunistic personal injury claims.”
The irony is that while the CMA Review languishes in the lay-by to which it’s flat tyre forced it another vehicle, one comprised of “millions of pounds of unnecessary costs,” Wilson notes continues to “rolls forward.”
Wilson also took the opportunity to promote proposals put forward by Aviva in July to reform the motor insurance market, including a full referral fee ban – something the CMA opted against.
If the CMA can’t fix it’s own flat tyre, let alone the spiralling vortex of motor claims costs that threatens to devour us all, there’s no sense looking to them to provide a remedy. The time for talk is over, Wilson says. Now it’s up to the insurance community to take matters into its own hands.
Let’s just hope they have a firmer grasp of the art of grasping and don’t simply end up, tired and deflated, in some lonely lay-by of their own.
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