Discount Review Announced

Wednesday 20 March 2019

The much anticipated review of the Discount Rate has been launched by the Government.  In a statement to the London Stock Exchange, the Lord Chancellor, David Gauke, announced that the first review of the personal injury discount rate under the Damages Act 1996 as amended by the Civil Liability Act 2018 will start on the 19 March 2019. 

The Act requires that the Lord Chancellor must conduct the review and determine whether the rate should be changed or kept unchanged within 140 days of and including the date on which the review starts: that is, on or before 5 August 2019.

Wayne Rigby, ALARM Director and insurance focus group lead, welcomed the news saying: "ALARM members and insurers will welcome the news of the review to the personal injury discount rate, the setting of the current rate in 2017 at minus 0.75% was unexpected and saw a significant increase in compensation payments.  Whilst we support paying the appropriate compensation due, we hope the review of the discount review will deliver the right outcome for all parties."

 

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