There has been a sharp increase in the number of professional negligence actions arising from solicitors under-settling personal injury and medical negligence claims, according to a specialist barrister.
Richard Beaty was featured on litigationfutures.com, explaining:
“Publicly available and reliable market data for professional indemnity claims is scarce [but] there is growing perception amongst our insurer and professional clients that the under-settlement of personal and medical injury claims is on the rise.”
Beaty added that the change in the discount rate in 2017 from 2.5% to -0.75% caught many practitioners “off guard”.
“The effect on Ogden-based lump sum calculations was significant and immediate with the value of future cost of care and loss of earnings claims increasing significantly.
“Personal and medical injury claims which were compromised at around the time of the rate change are clearly vulnerable to scrutiny by litigants who feel they may have lost out.
“On 15th July 2019 it was announced that the discount rate was changed again to -0.25%. Claimants who have compromised their claims in the past few months may also have cause to complain.”
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