Response to ABI discount rate cut
Leading legal expenses insurance provider Arag has responded to the recent media coverage of the Lord Chancellor’s decision to cut the discount rate applied to serious injury claims from
2.5% to minus 0.75%.
Managing Director Tony Buss commented: “Time and again, key industry figures have spoken about a public perception of our industry, that sees profit coming before people, sales before service and claims to be declined wherever possible: all ‘corporate’ but not much ‘social responsibility’.
“We know this is an easy falsehood that belies a far more complex truth, but such perceptions are harder to dispel when the industry is seen to fight so aggressively against the interests of those it claims to serve.
“Sometimes, in the rush to protect the industry’s interests, it seems that its purpose is forgotten. Insurance is supposed to protect those most in need, at the expense of the more fortunate.”
Read The Journal’s article on the Ogden rate in this issue’s Hot Topic here.
It’s been just over a year since we launched our strategic manifesto outlining the Chartered Insurance Institute’s plans to secure and justify the confidence of the public.
The CII and Cicero have published the Financial Technology (FinTech) Risk Report, to examine the inherent risks in the growth of FinTech and the impact this will have on wider society.
The insurance institutes of the North East are coming together once again to present their annual half-day technical seminar, providing comprehensive and engaging CPD sessions.