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Posted in Regulatory and legislative updates, Spain

A new milestone in the Spanish insurance sector: the reform of the Scale

A new milestone in the Spanish insurance sector - the reform of the ScaleThe Law 35/2015 has modified the system for the valuation of personal damages in car accidents, known generally as the “Scale” (“Baremo”). The new Scale, that is going to enter into force next 1 January 2016, is a key development for the Spanish Insurance sector as a whole because it will not be only applied to car accidents victims (in this field the application of the Scale is compulsory for the Courts): the Spanish Courts have taken the Scale as a reference for the calculation of any compensation of personal damages in any kind of losses. The new Scale will mean an important increase in the amount of the indemnities paid by insurers in Spain for personal damages (not only corporal but also moral damages).

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