Insurance industry welcomes Ogden rate reform
Industry players expect new Civil Liability Bill to lead to a positive discount rate with some predicting a rate of between 0-1%.
The insurance industry has welcomed the government’s introduction of the Civil Liability Bill, which includes changes to the way the discount rate is set and how whiplash claims are paid.
Graeme Trudgill, executive director of the British Insurance Brokers’ Association (Biba) told Insurance Age that the trade body was “very pleased” with the bill.
He highlighted the problems that had come from the surprise change of the Ogden rate from 2.5% to minus 0.75% a year ago, including pressure on
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