Industry reacts to discount rate change
Insurance industry specialists have welcomed the government moving the personal injury discount rate to 0.5% with PwC calculating it will lower motor premiums by £50 on average.
Lord Chancellor Shabana Mahmood MP today signalled the shift from -0.25% will kick in for England and Wales from 11 January next year bringing it into line with the level in Scotland and Northern Ireland.
Jon Dye, director of underwriting for motor at QBE Insurance, said: “We welcome the personal injury discount rate review and the move announced today to align the rate with more recent economic conditions and the rates recently announced by Scotland and Northern Ireland.
We estimate premium rates
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