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.
At Mactavish, we conducted analysis of disputed insurance claims filed in the High Court over the 10 ten years, from 2012 to 2021, and found that corporations are now more than three times as likely to have to sue insurers to get their claims paid. We found a 280% surge in legal action against the top 20 insurers, since 2018 – and that’s just the tip of the iceberg.
