The personal injury sector continues its turbulent course of market-changing reform, with legislative, legal, and regulatory forces at work. While the market was just beginning to settle post-Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO), the game-changing reforms announced by the government in November 2015 have once again whipped up a storm of uncertainty.
- Sharp declines were finally seen in employers' liability and public liability claims recorded in 2015-16, reflecting the start of a decline in noise-induced hearing loss claims, and, for public liability, a return to pre-LASPO levels.
- While a more stable picture in claims recorded will be welcomed by the insurance industry, the LASPO spike is still taking its toll on profitability. Settled claims remain significantly above pre-LASPO levels.
- Reforms could have a potentially cataclysmic impact on the claimant sector. They will crystallize the trends of consolidation and revenue diversification already in evidence.
- The result is likely to be a small number of larger claimant representatives guiding consumers through the small claims track, and providing additional services such as rehabilitation.
Verdict Financial's "UK Personal Injury Litigation 2016" tracks the turbulent course of legal and regulatory reform in the post-LASPO injury claims space. Key announcements, shifts in the market, and likely future changes are analyzed for impact across all relevant stakeholders. Beyond this review - informed by a series of industry interviews - are chapters dedicated to the state of the motor and employers' liability markets.
Reasons To Buy
- Review your strategy against both the existing and new challenges regarding the personal injury claims market, as well as mooted solutions.
- Benchmark against the market's experience of personal injury claims frequency and costs.