Angry insurers criticise alteration to personal injury formula that will also hike car premiums by £75 for millions of people
A “reckless” government-ordered change to the way personal injury awards are calculated will add as much as £75 to already fast-rising average car insurance premiums, and land the NHS with an annual £1bn bill, the insurance industry has warned.
The lord chancellor, Liz Truss, has announced a change to the so-called Ogden discount rate, which is used to calculate compensation awards for serious personal injuries, to ensure inflation does not erode the future value of a payout.
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