Today, we launch our newest report which promises to deliver an in-depth, global analysis and view on claims inflation, specifically related to personal injury claims.
Against the background of international economic pressures, a number of key inflationary factors are driving up the volume and cost of personal injury claims including; increased litigation costs, compensation culture, an increase in psychiatric injury claims and costly commercial care packages.
The current climate is therefore brewing a perfect, but unfortunate storm, for claims inflation. This is presenting profound challenges for insurers.
Kennedys believes that the implementation of considered mitigation strategies, as well as additional measures will continue to be essential.
Richard West, global head of liability defence, urges the market to heed the firm’s call of awareness and action;
“Claims inflation necessitates a proactive response from the global insurance community. Failure to do so risks damaging relationships with customers, leaving insureds exposed to the risk of underinsurance and insurers at risk of both legal and reputational ramifications.”
Kennedys’ global team of lawyers have adopted a truly international view of this priority topic for insurers, developing the report across 11 jurisdictions.
To help you understand your risks and the required response to this global issue, download the ‘Claims inflation and personal injury claims report’ below.
Richard West launches Kennedys claims inflation and personal injury claims global report