Association of British Insurers Issues Statement on Discount Rate Review

LONDON, England, March 19 -- The Association of British Insurers issued the following statement by James Dalton, director of general insurance policy:

Responding to an announcement today, 19 March, to the London Stock Exchange stating that the Lord Chancellor will announce later the commencement of the first review of the Personal Injury Discount Rate under the Damages Act 1996, as amended by the Civil Liability Act 2018, James Dalton, Director, General Insurance Policy, Association of British Insurers, said:

"We welcome today's announcement.

Insurers remain committed to paying 100 percent compensation and want to see a process for setting the Discount Rate that delivers a fair outcome for claimants, motorists and taxpayers.

"The outcome of the review must deliver this, and we will continue to play our part to ensure that it does."