Two-thirds of respondents to Airmic’s latest members’ poll believe that the Personal Injury Discount Rate for England and Wales should match the new PIDR for Scotland and Northern Ireland, which came into effect last week.
While the new PIDR of +0.5% will mean that personal injury claimants will receive less compensation, premiums for liability insurance are expected to fall.
The PIDR for England and Wales is currently being reviewed.
Julia Graham, CEO of Airmic, said: “Given changing macroeconomic conditions, the new PIDR set for Scotland and Northern strikes a balance between ensuring fair compensation for claimants to meet their current and future needs, and keeping premiums for liability insurance reasonable.”
Leigh-Anne Slade, head of media, communications and Interest Groups, Airmic, added: “UK employers would typically have operations spanning the breadth of the country, so most Airmic members believe a consistent approach would ensure the process is not over engineered and incurs extra expenses. However…some Airmic members believe there are cost differentials between England and Wales, Scotland and Northern Ireland, and so the PIDR should be nuanced for each region.”
Exhibit courtesy Airmic
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