Economic and social inflation are impacting casualty lines in the market, particularly financial lines, as American International Group Inc. moved forward with several divestitures to sharpen its focus on general insurance, said its chief executive officer.
Tag: economic inflation
U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation
U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.
The Shadow of Social Inflation Still Looms for U.S. Liability Claims
U.S. liability claims costs have risen by an annual average of 16% over the last five years, well above average rates of economic inflation at around 4%.