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Here's How the Increased Ogden Rate Will Impact Your Insurance
Here's How the Increased Ogden Rate Will Impact Your Insurance
Lord Chancellor David Gauke recently announced a new Ogden Rate (also known as the Discount Rate) of -0.25 per cent for personal injury awards. This new rate, which represents a 0.5 per cent increase from the previous rate of -0.75 per cent, came into effect on 5th August 2019. The government made the decision to increase the Ogden Rate after the old rate led to concerns that victims of life-changing...

The Ogden discount rate has been increased
The Ogden discount rate has been increased
When the Ogden rate was initially reduced from 2.5% to -0.75% in March 2017 we wrote to our clients setting out the detail of what had changed and the potential implications. We received very positive feedback on this and given the latest announcement on Monday 15 July we thought it may be useful to explain the new position and what this may mean for you.

Read our previous article on the Ogden...

Government U-Turn on the Ogden Discount Rate
Government U-Turn on the Ogden Discount Rate
In March 2017, the government announced a cut in the discount rate which is applied to insurance compensation payments for long-term bodily injury calculations, from 2.5% discount to 0.75% loading. This change increased claims reserves and settlement amounts for any new and pending claims.

The decision led to widespread criticism from the insurance industry, due to the immediate impact...

6 Steps to Choosing Employers’ Liability Limits
6 Steps to Choosing Employers’ Liability Limits

DID YOU KNOW?
Employers’ Liability (EL) insurance is compulsory for any business that employs staffGreat care should be taken when choosing limits of indemnity, especially following recent changes to personal injury law
While the statutory minimum is £5m, and today’s policies tend to start at £10m, many businesses will need a higher limit to adequately meet their needs.

We...

The Impact of the Ogden Discount Rate Reduction
The Impact of the Ogden Discount Rate Reduction
* A new article on the Ogden Discount Rate has been published. Click here to read
Government adopts negative discount rate
On 27th February 2017, Lord Chancellor Elizabeth Truss announced a new discount rate of -0.75% for personal injury awards. This new rate came into effect 20th March 2017 and was met with enthusiasm by personal injury victims and advocates, but with sharp criticism by Insurers.
The...