The Ogden Rate: What the recent reduction means for liability rates in 2025
- 1 CPD Hour
- Introduction
- Online Workshop
Summary
The Ogden rate may sound an obscure thing, but it has massive implications both positively and negatively on liability settlements. All brokers, underwriters and claims staff should have a good understanding of the Ogden rate in order to explain rating changes to policyholders and understand why large liability claims will now be reducing.
Course Content
Presentation by Alan Chandler, Chartered Insurer, covering the Ogden rate's role in liability settlements and market trends.
- Understanding the Ogden Rate – How courts use it to adjust large personal injury liability claims.
- Market Impact – How past Ogden rate changes led to a hard market and why the upcoming 2025 adjustment may soften the market.
- Implications for Insurers – The expected financial benefits for insurers as liability settlements are discounted from January 10, 2025.
- Impact on Policyholders – Whether insurers will pass on savings and the role of brokers in understanding and influencing this.
Learning Objectives
- Understand the history of the Ogden rate and how we at one point ended up with three different rates in the UK.
- Understand how the Ogden rate changes cause significant premium swings.
- Understand why the recent Ogden rate change will bring about a reduction in liability rates in 2025.
Ready to book?
Simply complete the booking form with your details and a member of our team will be in touch with the next available dates.
Any questions?
If you’re not quite sure if this course is suitable or are looking for further information, call our team on 0117 244 7221.