Research and Markets: UK Personal Injury Market Report 2020: More Uncertainty for a Market Already Facing Demand Pressures - ResearchAndMarkets.com
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Value growth in the market has been between 2.5% and 2.8% in recent years, i.e. 2017 and 2018, but annual value growth improved marginally in 2019 when it reached an estimated 3.1%. However, it is unlikely that this growth will be sustained in 2020 or 2021.
This report looks at the market structure, recent developments and market drivers, the key players, the market size and trends and the future.
The planned small claims reforms have been hanging over the market for months and changes to the timing of these reforms continues to create uncertainty in the sector. These reforms have now been put back again to April 2021 and, if this date is finally the one, then there will be more pressure on a market that is already seeing a decrease in road traffic accident (RTA) claims, the largest claims sector by volume, and most other claims as well. The long-term decline in RTA claims has been exacerbated in the short term by the coronavirus pandemic with a drop in vehicle journeys during the lockdown.