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News - Insurers dealt twin blow by clawback and Ogden.
(From Post Magazine)
Byline: Olivier C Laurent.
Claims costs received a double blow this week after new rules potentially adding hundreds of millions of pounds to the industry's bill were announced.
Liability insurers admitted rates could be forced up as the impact of NHS clawback costs (see box) and now the pending Ogden Table updates begin to bite, with insurers being advised to settle fatal accident claims as soon as possible to avoid claims rising by as much as 30%.
The updated Ogden Tables, earmarked for publication in March, will see changes in the multipliers used in fatal accident claims and for future loss of earnings claims.
Simon Levene, barrister for 12 King's Bench Walk, said: "Awards for loss of earnings will go up with the new Ogden Tables. In the next two months, insurers should settle the fatal accident claims they have received before the awards go up."
Mr Levene estimated that under the current tables, a typical GBP214,000-award for a 35-year-old fatally injured scaffolder - to which is added the Smith v Manchester award for future loss of earnings - could rise to GBP316,000 after the new tables are taken into account.
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