UK insurance payouts to shrink after U-turn on lump sum formula

Hefty rises in car insurance premiums will level off as industry backlash forces government to revise Ogden rate changesIncreases in payouts to victims of car crashes and botched operations are to be scaled back after a furious backlash by the insurance industry against Ministry of Justice plans. In a significant U-turn by ministers, changes to the so-called “Ogden rate” used to calculate compensation payouts are to be revised, after insurers said they would inflate car insurance pre