In-house lawyers at some of the biggest insurance companies in the UK are reporting a further drop in the number of claims going to litigation. Although the actual number of claims in general insurance have not fallen, with more and more claims settling before they reach the courtroom, general counsel have found themselves reviewing their panel firms as the need to instruct external advisers drops.
Insurance giant AXA this month cut its general insurance litigation panel in half, in reaction to the litigation slump. The number of places on the panel dropped from 12 to just six after a two-year review. The previous panel review saw the numbers cut from 25 to 12 offices of nine law firms.
