ABI bites back on discount rate

The director general of the Association of British Insurers (ABI), Huw Evans, has written a letter to Lord Chancellor David Gauke to object to what he described as the misleading nature of the government’s Impact Assessment (IA), following the re-setting of the discount rate to -0.25%.

The letter describes the document as “misleading and wholly disingenuous” before going on to say it “completely misrepresents insurance market pricing and reserving in response to the setting of the previous