Ogden – the symptom not the root cause
Pen Underwriting’s Nick Wright, argues that now is the time to address the root cause of commercial payouts with proper risk management and prevention of workplace accidents.
With the change set to hit compensation settlements from this week, it's hardly surprising the new Ogden rate continues to dominate headlines.
The Lord Chancellor's decision to drop the personal injury rate from 2.5% to negative 0.75% shocked the industry, triggered an outcry from the ABI, saw a CEO contingent descend on the Chancellor, and prompted multiple warnings about profit hits and premium increases.
Some view this rate change as a game-changer but I disagree.
The Ogden rate is only a
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