Legal claims against insurance companies are tripling, what’s the impact on the legal industry?
At first glance, some people may not see the similarities between the insurance and legal industries, but their impact and extension into every area of the economy cannot be denied. More than that, they are industries that often meet at crossroads – we only have to look at how the insurance industry responded to the Covid lockdowns and subsequent claims for business interruption insurance as an example.
“The insurance and legal industries have important roles to play in the economy, both in how they interact with the industries they serve, and with one another. In fact, no business can survive without both industries, therefore when one part of this equation changes, the impact on the other end of the scale is profound. We’re currently seeing this in real time with the insurance industry hiking prices, cutting cover, and declining claims.” Bruce Hepburn, CEO at Mactavish