Ogden tables

Ogden Tables
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Specialty	Actuarial science, Medicine
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The Ogden Tables are a set of statistical tables used primarily in the United Kingdom to calculate future losses in personal injury and fatal accident cases. These tables are named after Sir Michael Ogden QC, who chaired the working party that developed them. They are an essential tool in the field of actuarial science and are widely used by lawyers, judges, and insurance companies to determine the amount of compensation payable to claimants.

History

The Ogden Tables were first published in 1984 by the Government Actuary's Department. They were developed to provide a standardized method for calculating the present value of future losses, taking into account factors such as life expectancy, inflation, and interest rates. The tables have been updated periodically to reflect changes in demographic data and economic conditions.

Structure

The Ogden Tables consist of a series of multipliers that are applied to the annual loss to calculate the lump sum compensation. These multipliers are based on the age and gender of the claimant, as well as the assumed rate of return on investments, known as the discount rate. The tables also include adjustments for contingencies other than mortality, such as the likelihood of the claimant returning to work.

Applications

The primary application of the Ogden Tables is in the calculation of damages in personal injury and fatal accident claims. They are used to determine the amount of compensation required to cover future losses, such as loss of earnings, cost of care, and other expenses. The tables provide a scientific basis for these calculations, ensuring consistency and fairness in the compensation process.

Legal Context

In the UK, the use of the Ogden Tables is endorsed by the Courts of England and Wales and is considered best practice in the assessment of damages. The tables are referenced in the Civil Procedure Rules and are often cited in court judgments. They are also used in settlement negotiations to provide a framework for calculating compensation.

Updates and Revisions

The Ogden Tables are periodically reviewed and updated to reflect changes in life expectancy, economic conditions, and legal precedents. The most recent edition, known as the "Seventh Edition," was published in 2011. The tables are expected to be updated again to incorporate new data and methodologies.

Criticism and Limitations

While the Ogden Tables are widely used, they have been subject to criticism. Some argue that the tables do not adequately account for individual circumstances, such as variations in health or employment prospects. Others point out that the discount rate used in the tables may not accurately reflect current economic conditions, leading to either over- or under-compensation.

Also see

• Actuarial science
• Life expectancy
• Personal injury law
• Compensation (legal)
• Discount rate

Resources

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Source: Data courtesy of the U.S. National Library of Medicine. Since the data might have changed, please query MeSH on Ogden tables for any updates.

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