To ask the Secretary of State for Justice, what assessment he has made of the effect of changes to the personal injury discount rate on average motor insurance premiums.
Answered on
5 March 2018
The Government has not made an estimate of the overall impact on the insurance industry of the change to the discount rate in March 2017. However, in September 2017, PwC stated insurers had passed on roughly half of the expected costs resulting from the change in the rate with premiums for policies rising by about £75 on average and about £250 for young drivers.
Answered by
Ministry of Justice