Ogden to cost (re)insurers £3.5bn: EY

The change to the UK's discount rate for personal injury
compensation is to cost the (re)insurance industry £3.5bn
($4.5bn), according to a report from consultants EY.
The government's 3.25 percentage-point cut to the Ogden rate
took it down to minus 0.75 percent from 20 March. The cut has
already elicited loss disclosures by insurers and reinsurers
totalling £2.4bn, EY said, which used its own calculations to
produce the higher £3.5bn loss prediction.
Motor (re)insurance makes