The recent announcement from the government to reduce the Ogden discount rate and the implications to both consumers and businesses in the UK.
May 15, 2017
The government has announced a change to reduce the Ogden discount rate, which is used to calculate compensation awards for serious personal injury and fatal accident claims. This is to ensure inflation does not erode the future value of a payout and will take effect from 20 March 2017.
What can you do?
The early feedback from insurers is that premiums are likely to rise as claims payments will inevitably increase. Now is the time to reduce the likelihood of a claim and improve your risk. Not only is this good business practice, your company will be more attractive to insurers to achieve a better premium. We will be doing all we can to help our clients:
Risk management – regardless of the business you are in, it makes sense to have a robust risk management plan. We can help you with this – get in touch now.
Fleet – Statistics show that there are nearly 200,000 casualties on the road each year. If you have a fleet of vehicles we have a suite of risk management solutions that can reduce your ‘at fault’ accident rates. Contact us for more advice.
Industry expertise – we specialise in construction, manufacturing, waste, rail and food & drink. Each of these industries face their own personal injury risks and we can help you reduce claims. For example, find out how you can avoid Health & Safety Fines.
Consider if you have the right level of cover – This is good time to review your level of liability cover and ensure it is fit for purpose. A standard £10m limit may no longer be sufficient. We can offer a free review of your current cover to identify both gaps and overlaps.