Ogden Rate – Update
Tim Pearson, Head of Claims for BHIB comments on Today’s (7th September) Ministry of Justice (MOJ) update relating to the Ogden Rate: –
“The return of the rate to somewhere between 0-1% was in line with what was expected. The general consensus on timing is that any legislation would be passed prior to Brexit but probably not until October 2018 at the earliest.
It will be interesting to see what sort of timescales are given, however at this time, I do not expect insurers’ position on reserving and rates will change until legislation is passed.”
BHIB will of course comment further as the issue develops.