UPDATE 2-UK deals blow to insurers with change to discount rate [Reuters]
Willis Towers Watson Public Limited Company - Ordinary Shares (WLTW)
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Source: Reuters
UK deals blow to insurers with change to discount rate - Reuters 3 Min Read LONDON (Reuters) - Britain will change the discount rate used to calculate compensation for personal injuries to minus 0.25% from minus 0.75%, disappointing insurers who were hoping for a higher rate to limit the money they must set aside to cover payouts. The decision by the ministry of justice follows a review in response to lobbying from motor insurers, whose profits were hit by the move to cut the so-called ‘Ogden Rate’ from 2.5% in 2017. UBS analysts said insurers had been expecting a rate of around 0.5% and had moved to setting their reserves based on a rate of 0%. The lower rate chosen by the ministry means insurers will have to set aside more money than expected for lump sum payments for people seriously injured in car crashes, potentially denting their profits and pushing up drivers’ premiums. “This is a bad outcome for insurance customers and taxpayers that will add costs rather than save customers m
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