Belfast, 26 September 2024 – the announcement today of the new Personal Injury Discount Rate (PIDR) for Northern Ireland will be welcomed by insurers, according to Clyde & Co.
Earlier today, the Government Actuary department revealed the PIDR for Northern Ireland is to be set at +0.5%, with the rate coming into effect from tomorrow, Friday 27 September. The rate is currently -1.5%.
Clyde & Co Partner, Paddy Connolly, said “This is good news for our insurer clients who had been hoping for a return to a positive discount rate. It is a move of 2% in Northern Ireland which will see a significant change to damages payable for future losses in our jurisdiction.”
The announcement comes on the same day that the new PIDR for Scotland was also revealed, where it also being set at +0.5%, an increase from -0.75%.
Paddy added, “In both countries the new rate better reflects the improved market conditions within which claimants have been investing their damages. Hopefully England and Wales will follow with a similar change.”
Clyde & Co is a leading provider of Casualty services, with a 60-strong team in Northern Ireland.
Some cookies are necessary for us to manage how our website behaves while other optional, or non-necessary, cookies help us to analyse website usage. You can Accept All or Reject All optional cookies or control individual cookie types below.
You can read more in our Cookie Notice
Functional
These cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.
Analytics cookies
Analytical cookies help us to improve our website by collecting and reporting information on its usage.
Third-Party Cookies
These cookies are set by a website other than the website you are visiting usually as a result of some embedded content such as a video, a social media share or a like button or a contact map
