The Ogden discount rate was one of the most important changes that faced our industry. Since March 2017, the Ogden discount rate reduced from 2.5% to -0.75%.
Any product that provides cover for Liability (Employers Liability and Public & Products Liability) or Motor (including Motor Trade) will be affected. This also includes Property-led products such as Property Owners and Landlords.
Review your clients' cover limits to ensure they have adequate levels of cover to account for higher claims payments in the future. Many policies have limits of £5m or £10m and with the new discount rate, these may need to be increased.