Press release

After months of bad news for drivers, there’s finally some light at the end of the tunnel.

In response to the Justice Secretary David Gauke unveiling the Civil Liability Bill, Steve Treloar, CEO of LV= General Insurance, said the following:

“After months of bad news for drivers, there’s finally some light at the end of the tunnel. It’s taken a long time to get here but we’re pleased that the Government is taking the necessary steps to clamp down on whiplash and reform the discount rate system. For too long, the UK has been the world capital for whiplash claims, adding around £35 to the average car insurance policy. What’s more, last year’s changes to the discount rate resulted in the UK being the only country in the world with a negative rate and led to millions of drivers and businesses seeing record high premiums. The new approach from Government will not only ensure fair payments for those making claims but it will also help reduce the cost of car insurance for drivers, and LV= commits to passing on 100% of the savings produced by this legislation.”

About LV=

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s joint number one brand for Insurance and Investments, according to the 2016 YouGov Brand Index Buzz Rankings.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1