General Insurance Article - ABI will appeal discount rate court ruling


ABI Director of General Insurance Policy, James Dalton, comments on the discount rate ruling

 “We are disappointed with today’s ruling and will appeal. It is vital that claimants get the compensation they are entitled to. Insurers are open to a proper dialogue on how to reform the system, but caving in to legal threats from personal injury lawyers is not the way for the Ministry of Justice to do it. 

 “Despite consulting over three years ago and not letting anyone know the outcome of that process, the Lord Chancellor seems to want to rush out a new discount rate at a time of significant global financial uncertainty. While we welcome today’s commitment not to make an announcement before the 31st of January, we call on the Lord Chancellor to provide a considered timeline which gives all stakeholders the opportunity to engage in a constructive dialogue on the way forward.”
  

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