Quote:
Originally Posted by Mike Harte
You may be overlooking the fact that insurers need to be able to put a value against the potential costs of their exposure to any risks. And it is this requirement that they have that their actuaries to provide a cost to a client.
If, as seems to be suggested by this movement to incorporate it in to an EU directive, insurers are expected to offer unlimited damages in the event of a claim, then they will not be able to provide a realistic costing to potential policyholders.
This is why, I believe, that this will not be supported by the insurance industry.
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Thanks Mike, my point exactly.
It seems that even now people have not read and understood the MIA's synopsis of the Directive's consequences, as it is currently drafted.