Insurers disappointed by the new discount rate
Government has changed the rate from -0.75% to -0.25%, which is a smaller rise than what was generally expected.
Insurers have reacted with disappointment after the government announced that the discount rate will be increased from -0.75 to -0.25.
Martin Milliner, LV General Insurance claims director, commented: “Today’s announcement whilst replacing the absurd and fiscally irresponsible decision to cut the Ogden discount rate to -0.75%, doesn’t in our view go far enough.
“At this level we believe that claimants will remain over-compensated, thus undermining the common law principle of 100% compensation
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