MOJ defends discount rate decision
The government hits back at criticism from the ABI pointing out a rate of between 0-1% was never guaranteed.
In response to the Association of British Insurers (ABI) letter sent to Lord Chancellor, David Gauke the government has strongly defended its decision to increase the Ogden discount rate to -0.25%.
A Ministry of Justice spokesperson said: “We appreciate that insurers feel the change does not go far enough but the rate was set following extensive consultation and we have been consistently clear that 0-1% was not an estimate and should not be used as such.”
The ABI said in the letter to Gauke
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- Covéa cuts losses but underwriting deficit grows
- JMG strikes its biggest deal of 2024 with BQI swoop