Value growth in the personal injury (PI) market stalled in 2020 as the pandemic hit claims numbers and revenues for many firms while cashflows were impacted by delays in completing cases. There was a 1.5% decline in market value in 2020 although larger PI firms performed much better than the rest of the market.The last 12 months have seen the divide between the larger players and many of the smaller firms grow even further: most of the larger firms have invested in customer-facing online systems to continue to operate in the new small claims regime while many smaller firms will have to make some major decisions, if they have not already done so, on whether they can continue to operate in the RTA claims sector. At the very least, if firms decide to stay in the PI market then we can expect a restructuring of many PI teams and redundancies. There will be more diversification into new claims segments but what is not clear is how large these specific sectors can be and, as more firms move into these markets, competition will intensify.
This report looks at the market structure, recent developments and market drivers, the key players, the market size, trends, and forecasts
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