A joint statement from the Chancellor Philip Hammond and the Director General of the Association of British Insurers, Huw Evans, following a discussion with insurance firms on the personal injury discount rate.
Joint statement from the Chancellor of the Exchequer, Philip Hammond, and the Director General of the Association of British Insurers, Huw Evans:
“Claimants must get the money they’re entitled to following an injury in order to support their future needs.
“It is important that going forward, personal injury discount rates are set at a level that is fair to both claimants and consumers.
“The government will progress urgently with a consultation on the framework for setting future rates, and bring forward any necessary legislation at an early stage.
“The industry will contribute fully to the upcoming consultation, and the government will carefully consider all evidence and arguments submitted.”
Meeting attendees:
- Philip Hammond, Chancellor of the Exchequer
- Simon Kirby, Economic Secretary to the Treasury
- Huw Evans, Director General, Association of British Insurers
- Mark Wilson, Group CEO, AVIVA
- Paul Geddes, Group CEO, Direct Line Group
- David Stevens, CEO, Admiral Group
- Tulsi Naidu, UK CEO, Zurich
- James Lenton, Chief Financial Officer, AIG Europe
- Stephen Hester, Group CEO, RSA Group
- Amanda Blanc, Group CEO, Axa UK&I
- Steve Treloar, Managing Director General Insurance, LV=
- Jon Dye, CEO, Allianz UK
- Andy Watson, CEO, Ageas UK
- Steve White, CEO, British Insurance Brokers Association
- Stuart Vann, CEO, Esure
- Kevin Spencer, Group CEO, Markerstudy
- Frank O’Neill, CEO UK and Ireland, Swiss Re
- Bronek Masojada, CEO, Hiscox
-Ends-