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ARTICLE · 13 DECEMBER 2005

Insurance Market Update – December 2005 - Value Chain

Deloitte
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Claim inflation and rising claim costs demand a radical rethink of the way insurance companies approach their claims management. Deloitte’s James O’Riordan and Andrew Power offer a blueprint for the future – the value-based claims business.

United KingdomStrategy
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Sign of the times tackling claim inflation

Claim inflation and rising claim costs demand a radical rethink of the way insurance companies approach their claims management. Deloitte’s James O’Riordan and Andrew Power offer a blueprint for the future – the value-based claims business.

A Datamonitor report on "Personal Injury Litigation 2004" states that the number of personal injury claims will grow by only 0.1% in the period 2004-2009 and that motor related personal injury claims have actually declined by 6% in the period 2003-2004. However, Datamonitor also expect claim costs to double in the same period. In addition, the average value of personal injury claims has increased over the last decade; increases not explained simply by general UK economic inflation.

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