General Insurance Article - 15 Insurance CEOs meet Chancellor about discount rate change


Fifteen CEOs of the UK’s biggest motor and commercial liability insurers will meet the Chancellor and call on him to intervene and stop Liz Truss’s ‘crazy’ decision to cut the discount rate.

 The announcement by Liz Truss that the discount rate would be cut from 2.5% to -0.75% triggered predictions from insurance experts that premiums for young drivers could rise by up to £1,000 a year. Estimates also suggest that it could cost the NHS around an extra £1billion a year in compensation bills.

 Top level representatives from the insurance industry are now heading to see Chancellor Phillip Hammond, and will call for a swift change in the law through the Prison and Courts Bill to stop the change hitting motorists, businesses and taxpayers.

 ABI Director General Huw Evans said: “The Chancellor will today hear just how concerned insurers are about the way this change will hit their customers. It makes no sense to do something that will cost motorists, businesses and taxpayers so much at such a difficult time based on a broken formula. It is not too late for the Government to deliver a fairer deal for consumers and claimants and it should commit to urgent reform of the law before this crazy decision becomes a reality.” 

Back to Index


Similar News to this Story

Cyber Insurance is next big product for commercial brokers
UK brokers believe that cyber insurance is the new or emerging commercial insurance product with the most growth potential. Significantly low cyber in
Davies names Richard Barke as CEO of Insurance Solutions
Davies, the leading specialist professional services and technology firm serving insurance and highly regulated markets, has announced the promotion o
Incident response planning is a key cybersecurity control
Despite being focused on post-breach activities, cyber incident response planning has emerged as a key cybersecurity control in reducing an organizati

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.