Discount rate
Ogden change dents Co-op's full year results
Co-op Insurance made an operating loss of £18m in 2016, despite seeing gross written premiums rise by 15%.
Editor's comment: Feeling lucky?
My Irish grandmother always said bad things come in threes. In the last 18 months the insurance industry has faced bad returns on investments, several increases to insurance premium tax and now the huge change to the Ogden discount rate, so the sector…
In Depth: Ogden outrage – dismantling the discount rate
The decision to cut the Ogden discount rate for the first time in 16 years sent shock waves through the industry that will be felt for months and years to come.
Insurers face ‘eye-watering’ bill from discount rate changes in Scotland
Insurers face an “eye watering” bill from the decision by the Scottish government to adopt the UK’s revised discount rate.
This Week in Post: BST, the baby and Brexit
British Summer Time is now allowing us to enjoy more daylight as all our clocks moved forward an hour last weekend. Except, that is, for my 15-month-old daughter’s biological clock. For her bedtime this week, she’s decided to do her own thing. Pretty…
Truss launches Ogden rate consultation
Elizabeth Truss, Secretary of State for Justice, has launched a six-week consultation on the discount rate.
IUA calls for reform on the discount rate as increase in premiums are becoming 'sizeable'
The International Underwriting Association has joined insurers and called for a reform of the discount rate and the way in which personal injuries are analysed and settled.
This week in Post: highs, lows and running with the wolves
It has been a week of highs and lows in our household. My son went on his first Cub sleepover and earned the honour of becoming a Sixer. I, meanwhile, returned to the X-ray machine.
Half of motorists expect premiums to rise at renewal
Almost half of drivers expect their premiums to rise at their next renewal, with one in 10 planning to stop driving if costs go up by £500 a year.
Ogden cut to wipe £50m off Traveler's Q1 2017 results
Travelers expects to record an increase to prior year loss reserves of approximately $62m (£50m) in Q1 2017 as a result of changes to the Ogden discount rate.
Ogden rate change goes live at minus 0.75%
The Ogden discount rate changed today from 2.5% to minus 0.75% following the Lord Chancellor's announcement last month.
Lloyds Bank's Bill Cooper on M&A in a challenging market
The government's recent decision to lower the discount rate from 2.5% to -0.75% took the market by surprise and generated many column inches of newsprint in the mainstream press.
This week in Post: Renewing your motor policy? That’s Numberwang
Renewing your motor insurance policy as a consumer feels like an instalment of Numberwang, with numbers seemingly plucked out of thin air.
Ogden change could raise reinsurance rates by 400%
Higher layer reinsurance rates could increase by up to 400% as a result of the change to the Ogden discount rate, experts say.
Axa's Brendan McCafferty on the consequences of the discount rate
There must be a better time to start your role as the CEO of an insurance company. A few weeks into the job, I arrived at work on a Monday morning knowing a decision had just been made that would simultaneously hike premiums for millions of motorists and…
ABI's James Dalton on sorting out the discount rate mess
I am living the discount rate at the moment. I have lost count of the number of meetings I have attended, legal opinions I have read and conversations with insurance company CEOs I have had on this complex issue.
This week in Post: bags of losses
This week has been a tumultous one for me and the insurance market alike.
Esure unveils plan to ride out reinsurance rate rises
CEO also says business will 'shrink' home portfolio
Esure profits up 18% despite taking a battering in home market
Esure has seen profits rise by 18% despite losses in its home segment from weather claims.
Fitch issues gloomy warning for company market in wake of Ogden rate changes
Fitch has issued a gloomy warning for the UK non-life company market this year in the wake of the Ogden rate cut.
Aviva to focus on cost-cutting in wake of restructure
Aviva will look to make cuts in areas of the business that overlap following the recent restructure.
Aviva's general insurance COR soars to 106.3%
Aviva has reported a significant increase in its UK general insurance combined operating ratio to 106.3% in 2016.
Novae hit by US catastrophes and Ogden as profit drops 45%
Novae has described its 98.3% pre-Ogden 2016 combined operating ratio as disappointing while the Lloyd's (re)insurer's investment portfolio performed well.
Admiral to raise motor premiums by 10% following Ogden
Admiral will increase premiums by a further 10% in coming months following a double whammy of the Ogden rate cut and the hike in the Insurance Premium Tax.