From 31st May important new legislation will see the amount of compensation payable to seriously injured Plaintiffs with life changing injuries change from +2.5% to -1.75%, significantly increasing their pay-outs.
The introduction of a new interim personal injury discount rate will be transformative to the lives of many people who have suffered catastrophic injuries, for example following a road traffic accident or an accident at work.
When considering the complex care and nursing needs of those injured and the potential effect on future earnings, this change in legislation could add hundreds of thousands of pounds to claims in respect of future loss.
While the increase is long overdue and to be welcomed by the victims of serious accidents, there is concern that the new legislation will escalate insurance policies and lead to a reduction in the availability of insurance policies in Northern Ireland ultimately resulting in an increase in the number of uninsured drivers on our roads. We feel that it is imperative for all parties involved that this is not borne out and that that the rights of injured parties are protected at all times.
We continually strive to achieve the best outcome for our clients and we feel this change, albeit long overdue, will ensure appropriate compensation for future loss claims.
O’Reilly Stewart act regularly on behalf of victims of serious accidents. If you have been involved in an accident, do not hesitate to contact our Litigation team who will be happy to advise you and guide you through the process.
Our Litigation Director, Dionne Darragh, recently spoke to Cool FM about the impact of the changes –
🎬In case you missed it: A significant change to personal injury laws could be ‘transformational’ for victims of life-changing injuries that weren’t their fault. @OReillyStewart Director Dionne Darragh talks us through the change, which brings NI in line with the rest of the UK. pic.twitter.com/GnMJs34bbk
— Cool FM News (@newsoncool) June 9, 2021