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There will always be a lack of equity in the investment of large settlements: a claimant who settled in 2004 may have enjoyed returns in excess of the then discount rate: a claimant in 2021 may also do far better than the d/r to be applied then: we simply do not know.

What we do know is that it is wholly disingenuous for the insurers to suggest that the discount rate is in any way a significant determinant in the price of premiums.

My house insurance renewal quote went up by c. 30%. I telephoned the insurer and after 10 minutes was able to bring the cash price (i.e. inclusive of the IPT increase) down to about 3%.

I am not a betting man, but would take a sporting interest in the likelihood that the subsequent reduction had nothing to do with the proposed reforms to PI, the d/r & etc.