Gov't Insurance Rate Change Costs Admiral £33M

Law360, London (August 14, 2019, 1:08 PM BST) -- Regulatory changes requiring U.K. insurers to put aside more money to compensate people injured in accidents will cost Admiral Group £33 million ($40 million) in the first half of this year, the company warned on Wednesday.

Admiral Group PLC — one of Britain's largest motor insurers — also said the government's changes to the so-called Ogden discount rate would cost the company between £50 million and £60 million for the full year.

The Ogden rate allows courts to calculate the lump sum that is awarded as compensation to individuals who are hurt in an accident such as a car crash. A...

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