Ogden Rate to Effect Motor Insurance Premiums
The swing of 3.25% in the Ogden rate announced By Liz Truss (The Lord Chancellor and Justice Secretary) effective 20 March 2017 will have a marked effect on motor insurance premiums.
Trade wise a well known motor trade market has announce increases of 7/5%. LV= has announce it will be making price adjustments as soon as is practicably possible.
Many other insurers have announced similarly.
At the same time many voices in the industry have suggested that the method currently used by the Ministry of Justice is outmoded and obsolete and in need of reform.
(Ogden tables are a set of statistical tables etc used by the courts in the UK to assist to calculate future losses in personal injury and fatal accident cases).