Reinsurers forced to increase their reserves in the wake of recent changes to the Ogden formula in the UK—the discount rate used for personal injury claims in the UK—could look to pass these costs on to their cedants by increasing rates on some lines of business, Mark O’Riordan, group reinsurance director at Ecclesiastical, told Monte Carlo Today.
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Monte Carlo, Ecclesiastical, Mark O’Riordan, Reinsurance, Ogden, UK, Personal injury