This was the first Motor Insurance Advisory Board to secure access to insurers' raw data on premium income and claims costs, on which detailed analyses are presented in the report. It pulled no punches in contending that vested interests and inefficiencies may have collectively accounted for as much as half the premium paid by law-abiding motorists. It further confirmed that the cost of insurance was determined by three main factors: accidents, in terms of both their frequency and severity; the cost of claims within the current compensation system, and the operation of the insurance market. All of these factors have to be tackled in order to achieve better value for money for policyholders. While there is clearly room for further improvement in our safety record, significant progress has already been made, particularly since the introduction by the Minister for Transport of a penalty points system for speeding offences.