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#ABI Chief & #Chancellor issue joint statement on Ogden rate,how things move #quickly when #insurers get #shafted.

By 3rd February 2017No Comments
ABI and fifteen insurance bosses involved in discussions in Downing Street.
The government will “progress urgently” with a consultation on the frame work for setting the discount rate, it has been confirmed in a joint statement.
Chancellor Philip Hammond and the director general of the Association of British Insurers (ABI), Huw Evans issued a joint statement following yesterday’s (28 February) discussions with insurance firms on the issue.
The statement read: “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 statement also explained that the insurance industry will “contribute fully” to the upcoming consultation.

In addition, the government will “carefully consider” all evidence and arguments submitted, the statement noted. 

All parties stated that claimants must get the money that they are entitled to following an injury in order to support their future needs.

The decision on Monday to cut the discount rate from 2.5% to minus 0.75% had been branded as “crazy” by the ABI and there were warnings that the change could see some motor premiums rise by £1,000. 

Meeting attendees included: 
· 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

Article is care of insurance age magazine,and can be found here

Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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