Best’s News & Research Service - December 06, 2024 08:40 AM (EST)
Best’s Commentary: Outcome of Ogden Rate Review Will Be a Relief for UK Insurers
- December 06, 2024 08:40 AM (EST)
//BestWire// - AM Best believes newly announced changes to the U.K. personal injury discount rate (PIDR), otherwise known as the Ogden Discount Rate, should be positive for the country’s non-life insurers.
In its new Best’s Commentary, “Outcome of the Ogden Rate Review Will Be a Relief for UK Insurers”, AM Best notes the new personal injury discount rate of 0.5%, announced in early December 2024, is within the expected range anticipated by U.K. insurers.
The new discount rate should ease the pressure on U.K. non-life underwriting results in what is an extremely competitive and price sensitive market. At present, it is not expected to have an impact on credit ratings.
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