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Attention: Business Correspondents, Insurance and Safety Media

TUC response to OFT review of liability insurance

Responding to the announcement today (Tuesday) of an Office of Fair Trading (OFT) enquiry into the liability insurance market (including employer, public and product liability), TUC General Secretary John Monks said:

'Liability insurance does need reform, but not at the expense of victims. Employers have got away with insurance on the cheap for far too long, and workers and consumers have picked up the tab as victims or taxpayers.

'We will be telling the OFT that reform is necessary, is possible and can benefit everyone - policyholders (especially small firms), insurers and victims. But this will only happen if business gets its act together and improves its record on prevention and rehabilitation.'

Notes to Editors:

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Press release (300 words) issued 13 Dec 2002