The Zurich government will "progress urgently with a consultation" on how the discount rate is set, according to a statement issued by Chancellor of the Exchequer Philip Hammond and Association of British Insurers Director-General Huw Evans. The response follows an industry outcry at Lord Chancellor Liz Truss's recent decision to reduce the rate from 2.5% to minus 0.75%. After a meeting between Hammond, Economic Secretary to the Treasury Simon Kirby and the CEOs of several insurance companies, including Esure, Admiral Group and Direct Line Group, the statement said the insurance industry would "contribute fully to the upcoming consultation."
The UK government will "progress urgently with a consultation" on how the discount rate is set, according to a statement issued by Chancellor of the Exchequer Philip Hammond and Association of British Insurers Director-General Huw Evans. The response follows an industry outcry at Lord Chancellor Liz Truss's recent decision to reduce the rate from 2.5% to minus 0.75%. After a meeting between Hammond, Economic Secretary to the Treasury Simon Kirby and the CEOs of several insurance companies, including Esure, Admiral Group and Direct Line Group, the statement said the insurance industry would "contribute fully to the upcoming consultation."