February 27, 2017 / 9:53 PM / 5 months ago

BRIEF-QBE Insurance comments on effects of Ogden discount rate decision on co

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Feb 28 (Reuters) - Qbe Insurance Group Ltd-

* Ogden discount rate decision announced

* On 27 Feb 2017, UK ministry of justice announced a reduction in statutory discount rate for use in determination of lump sum payments

* Outcome was not allowed for in qbe's 2017 targeted combined operating ratio range of 93.5% - 95.0% as outlined in qbe's 2016 annual report

* Lump sum payments in relation to UK personal injury claims (ogden tables)

* As a consequence, industry- wide price increases are expected in affected classes

* Adoption of revised rate to result in one-off increase in group's net central estimate of outstanding claims liabilities of $160mln Source text for Eikon: Further company coverage:

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