Magnus MD Karen Beales looks ahead to the prospects for the market following the launch of the government small claims portal at the end of May 2021
On 31 May, the government launched a new claims portal for people who receive minor injuries in road traffic accidents. The portal is the end game in a series of reforms that are aimed at bringing down the cost of car insurance.
Until now, injured people could claim back their legal costs from at-fault insurers, but now, if the compensation for the injury is below £5K, claimants will either have to pay for legal advice themselves or go through a new ‘consumer-friendly’ IT portal and manage the claim on their own.
The removal of these rights has been bitterly opposed by campaigners, who say the only beneficiaries will be insurers. Insurers say motorists will benefit from a reduction of £35 from the cost of car insurance. It remains to be seen who’ll be proved right, but in the meantime Magnus have been working on a range of new insurance products which will help Solicitors to navigate the way through these complex changes.
If you want to know more about our new products and what benefits it can bring to your business, come and talk to us at Magnus Insurance by contacting Tony Sharrock, Client Relationship Manager on firstname.lastname@example.org