UK Personal Injury Litigation 2016; The turbulent course of market-changing reform continues

Summary
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.

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Key Findings
– 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.

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Synopsis
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.

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This release was published on openPR.