|[October 10, 2018]
United Kingdom Personal Injury Consumer Research Report 2018 - ResearchAndMarkets.com
Personal Injury Market 2018: Consumer Research Report" report
has been added to ResearchAndMarkets.com's offering.
More regulatory and competitive pressures on their way
The personal injury (PI) market is far from stable and this instability
is set to continue. It has had to deal with a series of regulatory
changes since the introduction of the Legal Aid Sentencing and
Punishment of Offenders Act 2012 (LASPO) and subsequent legislation.
Further major changes are on the way: the Ministry of Justice (MoJ)
plans to increase the small claims limit for most PI cases to 5,000 from
1,000 in April 2020 which would mean that most cases would be dealt with
by the small claims court. Our consumer research results show that most
claims are 5,000 or less, effectively removing legal advisors from these
claims, while many claimants would be concerned about dealing with these
Insurance companies are at the centre of the PI claims process but not
many respondents believe that they can be left alone to offer the right
amount of compensation: legal advisors are still needed. Service costs
are now themost important criteria for those in our survey when
choosing legal representation and this is of some concern especially if
this heralds a period of price discounting which will only favour the
volume players in the market. These volume players are already growing
their share of the market making the PI sector the most heavily
concentrated of all consumer legal sectors.
Claim numbers are in decline but this is out of step with perceptions in
this research as most individuals believe that more people are making
claims now than five years ago. However, most people also accept that
whiplash is a genuine injury (if it involves medical treatment or
medication) despite adverse publicity regarding bogus whiplash claims.
Majority of claim payouts are up to 5000 and would fall under new
small claims limit set to be introduced in 2020.
Only 20% would be happy to take on a claim themselves through the
small claims court.
A majority do not shop around when looking for an adviser.
Awareness of leading claims firms is relatively high but less so for
leading PI law firms. Brand awareness highest for NAH.
A clear majority believe that more people are lodging claims than ever
before although this is out of step with the real picture, i.e. claims
have been falling.
The most important factor when choosing a PI adviser is service cost
Key Topics Covered:
1.0 Executive Summary
4.0 Personal Injury Claims
5.0 Claims Process
6.0 Claims Settlements and Small Claims
7.0 Legal Services Providers - Selection and Satisfaction
8.0 Awareness and Use of Personal Injury Brands
9.0 Market Trends
10. Future Developments
For more information about this report visit https://www.researchandmarkets.com/research/k2pmf9/united_kingdom?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20181010005664/en/
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