Insurers disappointed by the new discount rate

Big Ben at the Houses of Parliament in London

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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