Industry welcomes Ogden rate reform proposals

The British Insurance Brokers’ Association (Biba) has welcomed the government’s proposed changes to how the Ogden rate is set and called for a “speedy timeframe for implementation”.

The measures announced by the Lord Chancellor David Lidington, which will need to be approved by Parliament under new legislation, could see the rate - also known as the discount rate - move up to in the region of 0% to 1%.

Under the proposals the rate will be reviewed at least every three years and an independent