Ogden change to cost industry £3.5bn
The change to the Ogden discount rate from 2.5% to negative 0.75% is predicted to cost the market £3.5bn across all lines of business.
EY’s annual UK motor insurance results seminar also revealed a jump in net combined operating ratio to 109% in 2016 from 100.5% in 2015 as a result of the change. Approximately £2.4bn of losses have
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