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The Ogden Table has serious implications

Changes to personal injury calculations look likely to mean major increases in premiums

You may not have heard of the Ogden Table when it comes to insurance, it’s sounds more like something from the Nations favourite soap but you need to know as this could cost you dear!

None of us want to read much about insurance but this could have a great bearing on the cost and limits of indemnity of your policy going forward.

The Ogden discount rate table is a structure that insurers use to ensure that a severely injured person has the necessary financial security to provide for their long term care and loss of earnings. The discount rate is used to calculate the amount of compensation they receive to reflect the return they will earn when that money is invested.

The Lord Chancellor has recently announced that this discount rate has been reduced which will have considerably increased compensation payments for those suffering from serious injuries. This will affect existing claims not yet settled as well as claims that have not yet happened but that Insurers have to account for.

One Insurer has reported this will suddenly make as much difference as £500 million they have to find to adequately reserve claims.

There are two consequences from all this; premiums for motor and liability insurance will have to rise to cover the cost. And you may also need to think about limits of Indemnity under your policies. Will they be high enough to reflect this change? Compensation claims can easily run into millions of pounds!

If anyone has any queries or questions please contact Steve Walker 01384 375555 or email him here.

April 2017

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