Scottish Discount Rate Decision 'Bad Outcome' For Buyers

Law360, London (October 1, 2019, 1:59 PM BST) -- Insurers have warned that Scotland’s decision to leave unchanged the controversial discount rate used to calculate personal injury compensation is a “bad outcome” for Scottish policyholders, who face paying higher car insurance premiums compared with England and Wales.

The Government Actuary, which helps the U.K. government assess risk, announced Monday that it will keep the rate in Scotland at -0.75%, which was set by the Ministry of Justice in 2017. But the government said in July that it would raise the rate to -0.25%, up from -0.75%, in England and Wales. A greater negative rate swings the balance toward claimants.

The Association of British...

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