July 16, 2019 / 6:27 AM / 2 months ago

Hastings says HY loss ratio to be at top end of target range

July 16 (Reuters) - Insurer Hastings Group said on Tuesday half-yearly underlying loss ratio would be at the top end of its target range, as the proposed change in Britain’s discount rate used to calculate compensation for personal injuries was expected to hurt.

The company’s underlying calendar year loss ratio for the six months to June 30 - the amount it spends on claims compared to how much it earns on premiums - is expected be at the top of the 75% to 79% range.

The UK on Monday said here it would change the Ogden rate to minus 0.25% from minus 0.75%, disappointing insurers who were hoping for a higher rate to limit the money they must set aside to cover payouts. (Reporting by Yadarisa Shabong in Bengaluru; editing by Gopakumar Warrier)

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