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...Last year the government changed the calculation rate used to set compensation more broadly, known as the Ogden rate. The change left insurers paying out much more than they were expecting....
...When in 1958 Ralph “Ted” Ogden, a local manufacturer of metal fasteners bought some 150 acres, and the chateau built in 1935 as the weekend residence of New York lawyer Vermont “Monty” Hatch, it was with...
...A lot of large claims were settled last year because of fresh clarity over the so-called Ogden rate, which is used to calculate the amount paid for bodily injury claims, after years of uncertainty....
...The higher the Ogden rate, and hence the assumed return, the lower the lump sum paid by the insurance companies has to be....
...On Monday the Ministry of Justice announced changes to the so-called Ogden discount rate, which is used to work out the size of the lump sump that victims receive from insurers to cover the cost of future...
...The UK government in July changed the so-called Ogden rate, which governs how much people who are seriously injured in car accidents should receive....
...Pre-tax profits in 2018 rose 18 per cent to £476m but most of the increase was down to the Ogden change. Before that, profits were up 2 per cent....
...The uncertainty around the Ogden rate has eased, with legislation confirming the new system now making its way through parliament....
...The system — known as the Ogden rate — has been hotly debated for the past 18 months. It also controversially changes the way that people claim for relatively minor injuries, such as whiplash....
...“When the Ogden rate changed the industry was a little bit shell shocked,” he said, but added, “the full impact wasn’t felt.”...
...Amanda Blanc, chief executive of Axa UK, said the change to the Ogden rate “strikes the right balance between under and over compensation”....
...Investments and the Ogden rate The Ogden rate can make a huge difference to the amount of compensation that an accident victim receives, and to the way that money is used....
...The higher the assumed rate (known as the Ogden discount rate) that is used, the lower the amount that insurers need to pay to the victims....
...The UK government is planning to reform the system for calculating damages, known as the Ogden rate, but the shape of the new system is still being debated....
...The February change to the Ogden rate was set to cost the government about £1bn per year via extra payments by the NHS....
...The reforms announced on Thursday are a big change to the so-called Ogden rate....
...Mr Vann’s severance terms have yet to be agreed Darren Ogden, the company’s finance director, will take charge while the search for a new leader takes place, supported by Sir Peter who will take a “a more...
...Under the proposed changes, the Ogden rate would be set using what the government calls “low-risk”, rather than “very low risk” investments....
...The change to the so-called Ogden rate will push down the amount that insurers have to pay in claims, which in turn may help to cut premiums....
...The changes to the so-called Ogden rate, announced by the government on Thursday, will affect payments worth billions of pounds....
...According to the March 2017 budget, the latest change to the Ogden rate will cost the government £1.1bn per year over the next five years....
...Insurance companies have been lobbying for reform to the Ogden rate for most of the year....
...But the insurers are more concerned about the Ogden rate....
...Without a change to the Ogden rate – the way large lump sum injury claims are calculated in the UK – profits would have risen by 14 per cent....
...Business operating profits fell 13 per cent to $928m in the three months to March but would have risen by 14 per cent without February’s revision to the so-called Ogden rate, which governs the way that payments...
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