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.
The Insurance Corporation of the Channel Islands Limited (ICCI) has been awarded Chartered Insurers status by the CII.
In his last missive for The Journal, CII president John Moore looks back on a busy 12 months at the helm
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