REVIEW OF PERSONAL INJURY DISCOUNT RATE

REVIEW OF PERSONAL INJURY DISCOUNT RATE

REVIEW OF PERSONAL INJURY DISCOUNT RATE

The Minister of Justice in Northern Ireland has asked officials to undertake a statutory consultation with the Government Actuary and the Department of Finance on a proposal to change the discount rate to -1.75%, with effect from 28 February 2020.

Please see updated multiplier card summarising the potential impact of the various multiplier discount rates, including the recently proposed NI rate of -1.75%.

 

Assuming a multiplicand of say £10,000, the loss for life for a 20 or 50 year old male and female would be as follows:

 

Multiplicand £10,000

 

20 yr old male

£

20 yr old female

£

Discount rate:

 

 

2.5%

321,000

329,700

-0.25%

735,600

779,400

-0.75%

889,600

949,900

-1.75%

1,365,200

1,484,000

 

 

 

 

Multiplicand £10,000

 

50 yr old male

£

50 yr old female

£

Discount rate:

 

 

2.5%

226,900

241,400

-0.25%

373,000

408,800

-0.75%

414,400

457,100

-1.75%

520,700

582,800

 

 

 

 

We will be happy to consider the potential impact on individual cases in more detail as required.

 

If you need anything further, please do not hesitate to contact Dearbhail Beatty, Nora Tallon, Wendy McGrath or Shree Burms.

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