Archive for March, 2017
Posted by Sam Eynon on March 16th 2017 in Insurance
When victims of life-changing injuries accept a lump sum compensation payment, the actual amount they receive is adjusted according to the interest they can expect to earn by investing it.
In addition, when finalising this amount, the Courts apply a Personal Injury Rate, also known as ‘Ogden’ or ‘Discount’ rate, designed to help calculate future losses for life (such as care costs) and future loss of earnings. The rate is applied using multipliers specific to each claimant taking into account their age and other factors such as their education, retirement age and life expectancy.
Last month the Lord Chancellor announced that commencing 20th...