Reinsurers to push for 50% rate rise post-Ogden

UK excess-of-loss (XoL) motor reinsurers are targeting rate
rises of 50 percent off the back of a projected £5bn ($6n) hit
from changes to the Ogden rate, as they look to secure rapid
payback after the shock loss.
The surprise 3.25 percentage point cut to the rate looks set to
create an isolated hard market, which is also likely to be evident
to a lesser degree in other impacted liability lines, amidst a
broader soft market.
Analysts and industry insiders...