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Arc Legal Group (Arc Legal), the specialist provider of ancillary insurance products and services...
Arc Legal’s work in the Irish legal expenses market was part of a recent Post Magazine profile on the insurance market in Ireland.
Richard Finan highlighted some of the current issues the market faces. The Irish legal expenses market is fundamentally different to the UK market in a number of ways. Despite having an independent statutory body in place, called the Personal Injuries Assessment Board (PIAB) to manage personal injury claims, in many circumstances claimants can achieve greater settlements in the courts. This can be highly problematic for legal expenses insurers.
Claims costs tend to be higher than those in the UK; however the amount of claims reported is much lower. The banning on referral fees, as well as restrictions on the way in which solicitors market themselves ensures that the frequency of claims is reduced.
The full article can be found on the Post Magazine website at www.postonline.co.uk.