Hastings expects £8.4m hit from Ogden rate change
Company says it had believed the rate would end up between 0 and 1%, as Biba states move to -0.25% is "nowhere near enough".
Hastings Group has stated that it expects the change in the discount rate to -0.25% to result in an £8.4m one-off pre-tax charge for the company in 2019.
In a statement on the stock exchange, Hastings said: “As previously indicated, the group’s insurance subsidiary has held best estimate reserves consistent with an Ogden rate in the range of 0% to 1%, in line with the range indicated by the government previously and the rate at which large bodily injury claims have been settling.
“The company
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