Commenting on the one year anniversary since the Government decided to reduce the personal injury discount rate to -0.75%, Steve Treloar, CEO of LV= General Insurance, said: “One year on and, while the Government has been making all the right noises, we’re disappointed more progress hasn’t been made. The UK is the only country in the world with a negative personal injury discount rate. What’s more, car insurance premiums are at a record high because the cost of catastrophic personal injury claims are much higher, with some now costing an eye-watering 300% more than two years ago. We appreciate the Government has a lot on its plate but the current system is flawed and fiscally irresponsible. It’s obviously extremely important that those who need compensation get the appropriate support but we must also strike the right balance between what is right for them as well as consumers more broadly. The sooner the system is changed the better, as we’ll then be in a position where we can pass on 100% of the savings to our customers.”
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