Industry News
Datamonitor report: motor insurers receive most personal injury claims
1st September 2006
Motor personal injury claims numbers have risen and now account for the majority of personal injury claims. Motor personal injury costs are beginning to stabilize, while claims numbers are largely static; they increased by 7.5% in 2004-5, but overall numbers have not changed significantly in the last five years. While motor personal injury claims costs are stabilizing, they still pose a significant challenge for motor insurers.
The overall UK personal injury market has stabilized following the volatility experienced in 2003 and 2004, according to a new Datamonitor report, 'UK Personal Injury Litigation'. It says that while there have already been major corporate exits from insurers and intermediaries, the structure of the market will change further with the introduction of the Compensation Bill and the Legal Services Bill.
The report offers injury statistics, reviews regulatory issues, and provides detailed forecasts of claims growth and costs to 2010. Bills currently passing through parliament will have a significant impact on the sector - the Compensation Bill is said to have some flaws but will result in a better regulated sector, while the Legal Services Bill will create competition for the provision of personal injury services.
The number of personal injury claims declined in 2004-5 due to a drop in employers' liability cases. The number of accident claims increased in 2004/5 but has not returned to pre-2003 levels.
The report is priced at £2,395.
(datamonitor.com)
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