The North’s ‘interim’ personal-injury discount rate is now the lowest in Europe, law firm DWF has said.
The consequences for those involved in catastrophic or life-changing events are significant, the firm points out.
The implications for claimants and insurers will be discussed at a virtual conference, delivered by the DWF insurance team in Belfast, on 11 November.
Central to the conference will be the decision by the Department of Justice to reduce Northern Ireland’s Personal-Injury Discount Rate (PIDR) to an interim rate of minus 1.75%, which is the lowest in Europe.
As a result, large-loss compensation claims could be more than double the equivalent figures paid in Northern Ireland prior to the introduction of the interim rate.
According to DWF partner Robin Johnston, the lessons for insurers, public bodies and large corporations are many.
“PIDR, psychiatric injuries, investigations and defending credit-hire claims are all hot topics, with each impacting on insurers, corporate organisations, public-sector bodies, and, of course, the individuals affected by serious accident or injury,” he said.
The virtual insurance conference runs from 1-5pm on 11 November. DWFs team will be joined by expert speakers who will present their latest insights on PIDR, investigations, psychiatric claims and credit hire across four bespoke webinars.
Full details available from firstname.lastname@example.org.