MarketResearchReports.Biz
presents this most up-to-date research on "UK Personal Injury
Litigation ".
"UK
Personal Injury Litigation
2017", report is an in-depth study into the claims landscape of
the personal injury market, which covers motor, employers liability,
public liability, and clinical negligence. It explores the change in
claims numbers over time and in relation to reforms such as LASPO. It
also discusses upcoming regulatory changes such as the Civil
Liability Bill and the discount rate, and the future impact these
will have in the personal injury space. The role of CMCs and
solicitors is explored and how this is likely to change in future.
The report has chapters focused specifically on motor and employers
liability areas of personal injury.
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 and
adjust post-Legal Aid, Sentencing and Punishment of Offenders Act
2012 (LASPO), a second round of reforms are due to come into play.
The Civil Liability Bill will raise the limit in the small claims
track to 5,000 for road traffic accident (RTA) claims and 2,000 for
all other personal injury claims. For RTA-related soft tissue injury
claims it will additionally introduce claims tariffs and ban
pre-medical offers. However, any benefits from upcoming reforms will
be cancelled out by the change in the Ogden rate from 2.5% to -0.75%,
which has increased claims costs for insurers. Claims management
companies (CMCs) are continuing to consolidate and diversify their
profits. A Financial Guidance and Claims Bill will strengthen the
regulation of CMCs. Regulators continue to audit the market and issue
fines for unlawful behavior such as nuisance calls. Solicitors are
also consolidating and under financial stress.
Have Any Query? Ask Our Expert @
https://www.marketresearchreports.biz/sample/enquiryBuy/1256653
Scope
- The total number of personal
injury claims recorded during 2016-17 has fallen by 0.3% to 978,816
year-on-year. Recorded claims in 2016-17 have dipped only marginally
below the levels seen pre-LASPO in 2010-11.
- Motor claims rose by 1.2% in
2016-17, whereas employers liability and public liability claims
declined by 15.2% and 7.8% respectively. Clinical negligence claims
have remained flat year-on-year.
- Holiday sickness claims are
an emerging area of personal injury claims but are not expected to
last beyond six to 12 months, due to regulatory clampdown.
Reasons to buy
- Be prepared for how upcoming
legislation will impact personal injury insurers, CMCs, and
solicitors.
- See how claims numbers are
changing across the personal injury market and by specific insurance
type.
- Discover emerging areas of
personal injury claims.
Table Of Contents
EXECUTIVE SUMMARY 2
1.1. Market summary 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE PERSONAL INJURY CLAIMS MARKET 9
2.1. Introduction 9
2.2. A post-LASPO landscape is emerging 9
2.2.1. Claims numbers have been falling following a surge in the
build-up to LASPO 9
2.2.2. Claims settled have resurged in 2016-17 following a decline
since LASPO 9
2.2.3. LASPO created a shift in personal injury claims that is still
playing out 11
2.2.4. Return to growth for motor claims, while employers liability
and public liability claims fell 11
2.2.5. Holiday sickness claims are an emerging area of personal
injury claims 13
2.2.6. Claims settled have risen due to a rise in employers liability
although claims recorded have fallen 15
2.3. LASPO has had a mixed impact on the market 15
2.3.1. The ban on referral fees is thought to have had little impact
15
2.3.2. Civil justice reforms have reduced costs 15
2.4. The Civil Liability Bill aims to reform personal injury claims
16
2.4.1. The benefits of LASPO did not fully materialize 16
2.4.2. Initial proposals aimed to increase the small claims track
limit and remove general damages for minor soft tissue injuries 16
2.4.3. The MoJ has published its first response to the consultation
of reforms 16
2.4.4. The Prison and Courts bill was scrapped due to the UK snap
general election 17
2.4.5. The Queens Speech following the election has introduced a
Civil Liability Bill 17
2.4.6. There has been a two-tone reaction to the Civil Liability Bill
17
2.4.7. The Civil Liability Bill is estimated to save 35 on motor
insurance premiums 18
2.4.8. The small claims limit will increase to 5,000 for RTA claims
but 2,000 for all others 18
2.4.9. A tariff system is being introduced for RTA-related soft
tissue injury claims 19
2.4.10. Claims will not be settled without a MedCo medical evidence
report 20
2.4.11. Reforms are concentrated in the motor market 21
2.4.12. The Insurance Fraud Taskforces final report was published in
January 2016 22
2.5. The discount rate has increased the cost of personal injury
claims 22
2.5.1. The discount rate has changed from 2.5% to -0.75% 22
2.5.2. Insurers profits have been hit by the rate change 23
2.5.3. The Ogden rate change cost the insurance industry 3.5bn 23
2.5.4. Insurers highlight the hit to their profits in their 2016
end-of-year results 23
2.5.1. The discount rate change is also detrimental to NHS costs 24
2.5.2. The MoJ is consulting on how the Ogden discount rate should be
set going forward 24
2.6. Insurance premium tax has risen to 12% 25
2.6.1. Rises in IPT have additionally contributed to rising insurance
rates for customers 25
2.6.2. The UK now has the sixth highest IPT in Europe 25
2.7. Claims management companies are still under surveillance 26
2.7.1. The Financial Guidance and Claims Bill will strengthen
regulation of CMCs 26
2.7.2. There was a sharp decline in the number of CMCs following
LASPO 26
2.7.3. CMCs will continue to consolidate and diversify their profits
27
2.7.4. The CMR continues to audit CMCs 28
2.7.5. Nuisance calls remain a priority for the CMR, which is
evidenced by issued fines 29
2.7.6. The GDPR will impact the capability for cold calling 30
2.7.7. Marketing has been key to driving claims 31
2.8. Personal injury solicitors must prepare for tighter costs and a
shifting landscape 31
2.8.1. Consolidation and contraction will result from the need for
scale and efficiency 31
2.8.2. Slater & Gordon and Parabis provide insight into the
issues of cost reduction 31
2.8.3. Restructuring is anticipated 32
2.8.4. The SRA is likely to be given more power 32
2.8.5. Fixed recoverable costs are under review and are expected to
rise 32
3. PERSONAL INJURY CLAIMS: MOTOR INSURANCE 34
3.1. Motor claims have risen as the market has adjusted to LASPO 34
3.1.1. Motor claims have risen for the past two years 34
3.1.2. Claims settled remain above pre-LASPO levels 34
3.1.3. Motor personal injury claims remain high, while RTA claims are
in decline 36
3.1.4. Rising claims costs have caused insurance premiums to increase
37
3.2. The UKs compensation culture is an ongoing issue 38
3.2.1. Whiplash claims account for up to 80% of motor personal injury
claims numbers 38
3.2.2. Fraud remains a significant issue 39
3.3. Proposed reforms will impact motor insurance profitability 39
3.3.1. Tariffs and the small claims track limit increase will have a
significant impact 39
3.3.2. The increase in the small claims track could affect 70-r
claims 40
3.3.3. Legal costs could be reduced by up to 50% 40
3.3.4. The introduction of tariffs could reduce whiplash claims costs
by 1bn 41
3.3.5. Vehicle technology will drive falls in claims numbers in the
long term 41
4. PERSONAL INJURY CLAIMS: EMPLOYERS LIABILITY 42
4.1. Employers liability claims have continued to fall 42
4.1.1. Disease claims have been falling since the introduction of
LASPO 42
4.1.2. Activity to drive NIHL claims has fallen, causing disease
claims to decline 43
4.1.3. Asbestos and mesothelioma claims remain stable 43
4.1.4. Claims settled are still rising sharply 44
4.1.5. Injuries to employees are in decline 44
4.2. The Claims Portal is having limited success for employers
liability 46
4.2.1. Only 20% of claims are estimated to meet portal criteria 46
4.2.2. Employers liability claims, particularly disease, are too
complicated to be settled inside the portal 46
4.3. Costs for the Diffuse Mesothelioma Payment Scheme have risen due
to claims inflation 46
4.3.1. Total costs to the scheme have risen to 40.4m in 2016-17 from
31m in 2015-16 46
4.3.2. The value of awards is increasing, but applications appear to
be flattening 47
5. APPENDIX 48
5.1. Abbreviations and acronyms 48
5.2. Bibliography 49
5.3. Further reading 51
About
us
MarketResearchReports.biz
is the most comprehensive collection of market research reports.
MarketResearchReports.Biz services are specially designed to save
time and money for our clients. We are a one stop solution for all
your research needs, our main offerings are syndicated research
reports, custom research, subscription access and consulting
services. We serve all sizes and types of companies spanning across
various industries.
Contact
Mr.
Nachiket
State
Tower
90
Sate Street, Suite 700
Albany,
NY 12207
Tel:
+1-518-621-2074
No comments:
Post a Comment