DUBLIN--(BUSINESS WIRE)--The "UK Personal Injury Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report estimates that the PI market registered a small revenue increase of 3.5% in 2022.
This overall increase hides wide variations in the performances of law firms and claims companies in the sector with many still facing an uncertain future. Many of those working on serious injury and complex cases are registering the best performance and there are signs that those firms that have invested significantly in IT solutions are beginning to see the benefits.
Claims volumes across most sectors of the market are still low while backlogs and delays in cases are increasing the lifecycle of many claims and impacting on cashflows for many firms.
Value market growth is expected to remain relatively weak in 2023 and 2024 as claims volumes remain low. Value market growth is forecast to be stronger towards the end of the forecast period, i.e. 2026, but annual percentage increases will stay in low to mid-single figures.
Selected data:
- The number of law firms active in the PI market has been falling each year since 2021. In August 2023, our analysis of the PI law firms listed in the respective Law Society directories for England and Wales, Scotland and Northern Ireland estimated that there were 128 fewer firms in the market compared to August 2022.
- M&A activity has continued in the latest year plus larger firms are still ready to buy PI work books either from smaller firms leaving the market, or larger counterparts disposing of their small claims portfolio to focus on other higher value sectors.
- The majority of PI claims are RTA claims and industrial accidents/injuries. In 2022, RTAs (serious and slight injuries) increased by 6.6% with numbers returning close to pre-COVID levels. Workplace accidents/injuries also increased in 2022. This increase in accidents and injuries has not been matched by a similar increase in claims made.
- Over the last decade, claims registered at the Compensation Recovery Unit (CRU) have fallen by more than half from over 1.1 million in 2013/14 to just 484,300 in 2022/23.
- Motor-related cases dominate accounting over three-quarters of all claims but the cases registered in this category dropped by 5.1% in the year 2022/23. Clinical negligence (CN) claims registered also decreased by 7.1%.
- For the fifth year running, the volume of PI claims going to court decreased, by 5.7% in calendar year 2022.
- This report looks at the market structure, recent developments and market drivers, the key players, the market size, trends, and forecasts.
Key Topics Covered:
1. EXECUTIVE SUMMARY
- Introduction
- Market characteristics
- RTA and industrial accident/injury claims increase in 2022
- Official Injury Claim portal - now two years old
- Some increase in market value in 2022 but mixed fortunes across the sector
2. INTRODUCTION
- Definition
3. MARKET STRUCTURE
- The main types of personal injury work
- The number of solicitors and legal companies
4. MARKET DEVELOPMENTS AND DRIVERS
- Overview
- January 2023 - Personal injury discount rate consultation
- Calls for evidence about PIDRs in Scotland and Northern Ireland
- Fixed recoverable costs apply from 1st October 2023
- ABI appeal means compensation for mixed injuries still unclear
- Court of Appeal decision on deductions from damages
- MoJ consultation on medical reports
- Inquiry from MPs into the whiplash reforms
5. THE KEY PLAYERS
- Mergers, acquisitions and closures
- Key players
- Admiral Law Ltd
- Bond Turner Ltd
- Bott & Co Solicitors Ltd
- Carpenters Ltd
- CFG
- DLG Legal Services Ltd
- Express Solicitors Ltd
- First4Lawyers
- Fletchers Solicitors Ltd
- Neil Hudgell Ltd
- InjuryLawyers4u
- Irwin Mitchell LLP
- Leigh Day
- Lyons Davidson Ltd
- Minster Law Ltd
- NAHL Group
- Redde/New Law Solicitors
- Simpson Millar LLP
- Slater and Gordon Lawyers
- Stewarts Law LLP
- Thompsons Solicitors LLP
- Winn Solicitors Ltd
6. MARKET SIZE AND TRENDS
- RTAs increase again in 2022 but still below pre-COVID levels
- Workplace injuries increased in 2021/22 following a low total in 2020/21
- Long term decline in serious workplace injuries but an increase in 2021
- Claims for criminal injuries increase in 2021/22
- Overall market growth in 2022 hides mixed fortunes for PI firms
- Volume of cases registered with the CRU well below pre-Covid levels
- Increase in total recoveries
- Number of PI claims heard in courts drops for the fifth year running
- CN claims closed increase again along with damages paid in 2021/22
- Official Injury Claim - two years since launch and still little use by individuals
7. THE FUTURE
For more information about this report visit https://www.researchandmarkets.com/r/l537l3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
