Direct Line expects the "unknown impact" of the government's decision to cut the Ogden Discount rate to be felt later in the year when reinsurance costs are renegotiated.
A Gibraltar insurer has become the first to withdraw capacity to a UK managing general agent in the wake of the discount rate cut.
Industry leaders urged the Chancellor yesterday to set a new discount rate within the year, director general of the Association off British Insurers Huw Evans said.
International law firm Kennedys is to hire a 24-strong team from Hill Dickinson to boost its national personal injury practice.
The government has said that it will “progress urgently” a consultation on the Ogden discount rate and “carefully consider” all the evidence submitted following today’s meeting between insurers and the Treasury.
Australian insurer QBE is expecting a one-off increase of $160m (£129m) for outstanding claims liabilities following a UK Ministry of Justice decision on the personal injury discount rate.
More insurers have posted swingeing losses as a result of the discount rate cut.
Insurers could face a £3bn bill from the discount rate cut, with individual motor premiums rising by an average of £100.
Live reactions from the market to the decision to slash the discount rate (please bear with us as this page can take 30 seconds to load).
The Association of British Insurers has warned that cutting the discount rate so severely was a “crazy decision” that will affect millions of motorists.
Direct Line will see a blow to profits of up to £230m from the discount rate cut, the company said.
The discount rate cut will add between £140m to £175m to Admiral’s claims settlement bill, the insurer said.
Travelers Insurance Company has to pay legal costs for a number PIP Breast Implant claimants, the High Court has ruled.
More jobs could be lost as a result of the government's whiplash reforms than were lost in the South Wales steel industry last year, Access to Justice told Post.
The expected discount rate reduction has shaved off £10m of profit from motor insurer ERS.
The Ministry of Justice has confirmed there are to be fixed tariffs capping whiplash compensation payouts.
The motor claims market is currently sitting in that state of indecision that business - and pilots - like to call ‘a holding pattern' as it awaits three major government consultations. These, to push the aviation analogy to its fullest, are hovering…
Claimant law firm Asons has agreed to repay almost £70,000 to Axa after admitting to falsely and systematically inflating its legal costs.
Firms offering legal expenses insurance could face heavy losses from "draconian" whiplash reforms.
The summer of 2001 saw Tony Blair and Labour elected for a second term, the London Stock Exchange go public, and Lance Armstrong win his third Tour de France. It is also when the discount rate was last reviewed and set at 2.5% by the then Lord Chancellor…
Motor premiums will “inevitably” rise again owing to potential changes to the discount rate, insurers have warned.
The government is set to decide whether claims management companies are allowed to continue operating in the personal injury sector.
Spokesman, Access to Justice
It sounds like science fiction, but exoskeletons are increasingly being used in rehabilitation therapy and insurers are getting in on the act.