News

Discount rate decision set to deliver premium decrease for motorists

By 2024-12-02T11:00:00

personal injury

’The increase of the personal injury discount rate should bring some consistency to aspects of how motor insurance premiums and payouts are calculated across the UK,’ says head of general insurance

Insurers and experts have welcomed news of a 0.75% increase in the personal injury discount rate (PIDR), with predictions that it will likely to lead to premium reductions.

The rate, which courts must consider when awarding lump sum compensation for future financial losses in personal injury cases in England and Wales, has been increased to the point that experts say to should reduce motor premiums by 5%.

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