During the Transport Comittee today, one of the witnesses described the personal injury system as “the free market as it is today”. On closer questioning, it turned out that what passes for a market is hampered by heavy structural interventions and price controls imposed by the state. It occurred to me that the usual action of free markets is to increase quality and quantity, decrease price and improve service. And this in an enquiry on the cost of motor insurance… There […]

Tags: Insurance, Market Intervention, Markets, Select Committee, Transport