Axa's Brendan McCafferty on the consequences of the discount rate

Brendan McCafferty is CEO of Flood Re

The industry, through the Association of British Insurers, has been lobbying hard since December when the proposal to change the discount rate resurfaced – after a prolonged period of stability – a period that itself reflects previous successful efforts by the ABI to influence political judgement on this issue. And it should be commended for the effort it has put in since December. Unfortunately it has not resulted in the outcome that we would have wanted or what we believe is in