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Comment – Insurance decision delay prolongs agony…

Hopes of a reversal in Ogden Rate-fuelled premium hike dashed…at least for now.

In March 2017, the Lord Chancellor amended the ‘Ogden rate of discount’, which is used to calculate compensation awards following an injury.

According to insurer Allianz, if a 30 year old man earning £25,000 a year were seriously injured and required nursing care for the rest of his life, the new calculation rate would increase his compensation from £2.8 million to a staggering £6.3 million.

The change in the Ogden Rate prompted a consultation, the results of which were scheduled to be published last Thursday but which have been delayed with no end date currently in sight.

The Association of British Insurers has said that it is willing to wait as the outcome is more important than the speed with which it is delivered.

However, with most insurance companies having already hiked their prices to allow for the Ogden Rate change, demolition companies are already suffering an increase in annual premiums. And with a final decision now delayed, there appears to be no sign of a quick fix.

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