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The Association of British Insurers warns change in Discount Rate for Personal Injury claims may be a mistake (28 February 2017)

Date: 28/02/2017
Duncan Lewis, Personal Injury Solicitors, The Association of British Insurers warns change in Discount Rate for Personal Injury claims may be a mistake

The Association of British Insurers (ABI) has warned that a move by the Lord Chancellor to change the Discount Rate applied when calculating compensation payments for personal injury (PI) claims could lead to an increase in insurance premiums for millions of people.

The discount rate is a figure used to calculate lump sum payments for people who suffer a severe personal injury, taking into account what return they are likely to receive when the sum is invested.

The Discount Rate has been set at 2.5% since 2001. However, Justice Secretary Liz Truss is expected to announce a change in the rate by the end of February.

Director General of the ABI, Huw Evans, said:

“This is an unnecessary review being carried out using a broken and outdated formula that does not reflect how claimants actually invest the money they receive. Millions of customers could see their premiums increase unnecessarily if Liz Truss continues down this path.”

Duncan Lewis Personal Injury Solicitors

Duncan Lewis Personal Injury Solicitors can advise those who suffer injury in road traffic accidents (RTAs) caused by negligence on how to make a no win no fee claim for compensation.

RTA claims have to be made within three years of injury – children can claim compensation for injuries sustained in a road traffic accident up to the age of 21.

Low-value claims are fast-tracked through the Ministry of Justice’s RTA Claims Portal.

Duncan Lewis also offers supportive legal advice to bereaved families whose loved one has lost their life in a road traffic accident caused by negligence and who wish to claim compensation.

Duncan Lewis is a specialist in high-value personal injury and road traffic accident claims involving catastrophic or life changing injuries – we press for maximum compensation for victims of road traffic injuries and can also advise on access to welfare benefits, rehabilitation and adaptations to the home, where necessary.

For expert legal advice on no win no fee Road Traffic Accident Claims, call Duncan Lewis personal injury solicitors on 0333 772 0409.


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