Moody's: Axa's referral fee stance could benefit the sector
Axa’s recent decision to no longer accept personal injury referral fees could benefit the sector as a whole according to credit ratings firm Moody’s.
A report from the company advised that: “The incremental legal fees paid by insurers as a result of this process (known as “claims farming”) more than outweigh the referral-fee income that insurers receive when they refer claims to lawyers.
“Therefore, any reduction in the use of claims farming is credit positive for the sector. Axa UK’s announcement builds on the reforms announced last year in the Jackson review and the increasing political awareness of claims farming and its impact on
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