The Age Gap Could Affect Compensation Claims
Men are narrowing the gap when it comes to life expectancy and this obviously has consequences when it comes to compensation claims.
According to research by 2030 men will live on average 85.7 years and women until 87, whilst previously men were expected to live six years less than women. There are of course regional variations and social factors in the statistics but researchers say rising life expectancy will lead to greater dependence on health and public services.
Commenting on the recent research published in the Lancet, specialist Medical Negligence solicitor, Kenneth Lees, said: “All official data confirming increases in life expectancy for men and women only go to show how out-of-date the tables on which we base compensation awards are. We desperately need an update to be provided.
“The Ogden Tables, which are used to calculate certain elements of personal injury and clinical negligence claims, were last updated in 2011. Whilst it is possible to use updated information on life expectancy when calculating the value of claims, the Ogden Tables remain a ready reference for the Court and for litigants.”
The research from Imperial College, London, says pension pots would need to be larger than currently planned and greater investment would be needed in health and social care if the predictions prove correct.
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