Allianz chief executive Andrew Torrance backs MP's calls for transparency on referrals - but wants an outright ban
Allilanz chief executive Andrew Torrance is calling for an outright ban on referrals fees to keep a lid on the UK's growing compensation culture.
Torrance was speaking out after the Transport Select Committee called for insurers to reveal their dealings with referral fees, credit hire companies and solicitors.
Torrance said: "The Select Committee has called for greater transparency by insurers on the issue of referral fees. There can be no greater transparency than abolition. This was one of the conclusions of the Jackson Report as well as Lord Young’s conclusion and a measure Allianz Insurance wholeheartedly supports. The Select Committee has missed a golden opportunity to endorse measures that commentators agree would mean real change to the compensation culture in this country.”
On the issue of insurance fraud and staged accidents in particular, Torrance said: “As a company we recognised and responded to this threat some time ago by significantly strengthening our internal resources and expertise to help tackle the problem of insurance fraud, including staged accidents. We work very closely with the Police and will continue to do so to catch and bring to justice perpetrators of crimes that add to the cost of insurance for honest motorists.”
