September 3, 2010

According to the Daily Mail, Lloyd’s underwriter Chaucer “has been struck by the malign forces of earth, wind and fire.”

Now say what you like about prolonged exposure to the falsetto stylings of Philip Bailey, but surley ETW are on the side of righteousness… oh, hang on:

Losses from the Deepwater Horizon blow-out, the Chilean earthquake, European windstorm Xynthia, and riots in Bangkok all apparently paled in comparison to the impact of UK motor insurance losses on the Lloyd’s insurer’s books.

“Chaucer paid out £111 for every £100 of premium generated at its motor wing during the first half, following an eye-watering rise in fraudulent claims,” the Mail claims.

Chief executive Bob Stuchbery knew precisely where to point the finger, blaming fraudsters and “our more litigious culture” for the firm’s lacklustre figures. Chaucer has also been hit by claims farming, a brutal pursuit in which apparently “ambulance-chasing lawyers hunt down victims of trivial accidents.” But now he’s determined to strike back.

Stuchbery claims motor insurance premiums will rise by 25% during 2010 as insurers do what they must to counter fraud-fueled losses, even if it means “hitting honest customers.” In the firm belief that violence never solved anything, Bankstone News, of course strongly condemns such sentiments.

“For certeyn,” a Chaucer spokesperson said, “olde dotard, by your leave you shall have queynte right enough at eve.”


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