At Hinks Insurance, we believe in insurance with purpose. Our experienced brokers will offer you a boutique insurance experience with dedicated personal service, fully independent advice and effective policies tailored to your needs, all while remaining competitively priced.
Our aim is to provide you with forward-thinking insurance solutions that keep your business protected and enable it to flourish. With Hinks, you'll receive a dedicated account adviser who will work closely with you to establish the range and level of cover your business needs, and who will remain on call to discuss any insurance concerns you might have.
As a fully independent broker and family run business, our primary concern is making sure you have the insurance protection you need. We don’t believe in quick-fix solutions that leave you at risk. We want to make sure your needs are fully catered to and it’s because of this passion and attention to detail that 96% of our clients stay with us when the time comes to renew.
We can arrange a wide variety of business insurances, as well as a range of personal and high-net worth cover, so whatever your insurance needs, think Hinks.
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The Ogden Discount Rate Change Explained
The Ogden discount rate was recently reduced from +2.5% to -0.75%. sending insurers into a frenzy. But what does it actually mean?
In short, the Ogden discount rate is a calculation, used to determine how much money insurance companies should pay out to people who have suffered personal injury, in order to cover all of their predicted future losses. A multiplier is added to a lump sum amount, to account for any interest earned, and work out how much would be needed over the claimant's likely lifetime.
To calculate how much to deduct to account for interest on the sum provided, the insurer uses the Ogden discount rate; the lower the rate, the higher the typical settlement of a claim.
The recent change therefore, is expected to cost the insurance industry millions of pounds.
What will the impact be on my insurance?
Insurance premiums are expected to rise as a result of the change. Reviewing your levels of indemnity is therefore important.
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