Can you explain the large premium hikes to your client following the change in the Ogden table rates

The Ogden table changes will cost the UK insurance industry over £7 billion in a one off adjustment and in excess of £2 billion per annum thereafter. Rates will rise by between 10-20% on a lot of classes of business especially after the renewal of reinsurance treaties because reinsurance premiums are expected to double. It is essential brokers can explain the premium hikes to their clients and this presentation will enable them to achieve this, as well as providing them with client hand outs which include worked examples.

Learning Objectives:
Understand the difference between special and general damages in liability claims
Understand how the Ogden table rates affect liability claims
Understand how the recent change in discount rate will affect premiums in the market place
Understand the capital implications for insurers following the Ogden table change