The Lord Chancellor and Justice Secretary, David Gauke MP, went against the advice of government actuary Martin Clarke in setting the new Ogden discount rate, government documents reveal.
Yesterday (15 July), Gauke announced that the rate would rise from -0.75% to -0.25% on 5 August.
In a 77-page report dated 25 June 2019, the Government Actuary’s Department had recommended that the rate be set at 0.25%.
Responding to the government actuary as part of yesterday’s announcement, Gauke referred
The Insurance Age team unpick the most recent and most popular stories.Subscribe to our daily newsletter for all the latest news
- Brightside hires new MD of broking as Russell Bence exits
- Ardonagh losses rise to £44.5m in H1 2019
- FSCS set to compensate Alpha Insurance latent defect insurance policyholders
- Gauntlet expands into Wales with two new ARs
- THB pledges support for Fleet UK
- Call Connection's administration extension confirmed
- Bravo Group spent £53m on deals in 2018