Q1 results suggest Ogden impact could hit $7bn

Reinsurers pushed through motor insurance rate increases of as
much as 60 percent in the April renewals, while Q1 disclosures
pointed to a reserves hit of up to $7bn, analysts have said in the
aftermath of the UK government's Ogden discount rate cut.
The 3.25 percentage point rate reduction took effect from 20
March, and first quarter reports by carriers, which had been
universally reserving well above the new minus 0.75 percent rate,
pointed to a "$5bn to $7bn industry...