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Market (Injury) Claims Update & Impact of the Whiplash Reforms – August 2024
Introduction
Please find below the analysis on the latest MI released from both the Claims Portal and the OIC Portal.
Following the call for a general election and Labour’s subsequent success; Shabana Mahmood MP was appointed Lord Chancellor and Secretary of State for Justice.
One of her key tasks involves the review of the discount rate effecting future loss claims, and amendments to the same in recent years that has seen huge swings in respect of reserves for affected claims.
Notice was received that the review did indeed commence on 15 July. The review and the determination regarding the rate must occur on or before 11 January 2025. With other pressing matters to address, there is doubt that we will see the outcome much before this date.
Another key decision surrounds the review of the Whiplash Reforms, and in particular the tariff used to value such claims. We previously reported that on 22 May, the then Lord Chancellor, Alex Chalk, had announced that he had completed his statutory review.
However, publication of the review was delayed because of the general election being called. Although the Civil Liability Act imposes a statutory duty to review the tariff every three years. It remains to be seen what action the new government will take in respect of the review.
Please download to read the full resource.
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