Isle of Man: revised Personal Injury Discount Rate
The Personal Injury Discount Rate in the Isle of Man has been updated, using advice provided by GAD. It relates to sums awarded to seriously injured claimants.
Credit: Firmbee, Unsplash
The Personal Injury Jury Discount Rate (PIDR) in the Isle of Man has been increased from -0.25% to +1.00% p.a.
The Isle of Man바카라 사이트™s Treasury Department was to inform its review.
This revealed a significant change to market conditions since GAD바카라 사이트™s previous advice provided in 2019 and 2020.
Damages payments
The PIDR is a percentage figure used to calculate damages payments to people who have undergone serious and long-term injuries 바카라 사이트“ where the damages are paid as a lump sum.
Where a claim for future losses is settled as a single cash amount, the assessment of future losses and costs is converted into a lump sum allowing for the:
- period over which losses and costs are expected to be met
- assumed investment return that a claimant should expect to earn on the lump sum award
This assumed investment return is the personal injury discount rate.
Tynwald, Isle of Man parliament building. Credit: Shutterstock
Other factors
Global economic conditions are an important factor in the rate that is set and was the focus of GAD바카라 사이트™s latest review for the Isle of Man.
Our support on reviewing the PIDR can extend to research and analysis beyond economic forecasting, ensuring that the rate set reflects the legislation, industry and demographic factors of the jurisdiction in question.
Other administrations
GAD is also providing advice to support the review of the PIDR in England and Wales and the devolved administrations of Scotland and Northern Ireland.
GAD Actuarial Director Stephen Humphrey spoke about the PIDR at the Association of British Insurer바카라 사이트™s 바카라 사이트˜Civil Justice Reform 바카라 사이트“ The Road Ahead바카라 사이트™ event earlier this month.
Attendees considered what future developments could be, including the next PIDR review in England and Wales in 2024.
Contact us
We would be pleased to talk with other jurisdictions that may be considering their own personal injury discount rates: enquiries@gad.gov.uk.