Latest Ogden rate change will cost the industry over £160m

Bag of money

The estimated impact on insurers from the discount rate change has so far reached over £160m.

The general insurers that have reported their interim results for the first half of 2019 before today (19 August) have reported hits of varying sizes.

The government revealed in July that the discount rate would be increased from -0.75% to -0.25% from 5 August.

QBE has posted a $62m (£51.1m) hit from the change in the Ogden rate, while Admiral revealed a £33.3m impact in the first half of the year

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