Mr. Steve Menzies, Chairman, Applied Underwriters, today announced that the Company has increased staff salaries across the board by 10% to keep up with inflation and its implications. The dramatic adjustment, far outpacing industry averages, came as predictions of inflation made by the Company’s lead economist, Dr. Justin Smith, speaking at a leadership panel in… Continue reading Applied Underwriters Announces Across-the-Board 10% Salary Raise for Staff to Help Combat Inflation
Tag: inflation
S&P Expects Inflation to Push P/C Combined Ratio Over 100 in 2022
S&P Global Market Intelligence predicted in its latest U.S. Property & Casualty Insurance Market Report that inflation will send the property/casualty insurance industry to its first unprofitable year since 2017 with an expected combined ratio above 100%. Penned by lead insurance analyst Tim Zawacki, S&P in in its report forecast a combined ratio of 100.4%… Continue reading S&P Expects Inflation to Push P/C Combined Ratio Over 100 in 2022
Geopolitical Risk Spikes Leaving Business Leaders Fearing the Consequences of War and Inflation
Beazley’s latest Risk & Resilience research into geopolitical risk, published today, shows that events so far this year have significantly altered business leaders’ perceptions of the risks they face and their resilience to those risks, which has fallen dramatically since 2021. The impact of inflation is also causing deep concerns about domestic stability alongside the… Continue reading Geopolitical Risk Spikes Leaving Business Leaders Fearing the Consequences of War and Inflation
Moody’s Report: Inflation Squeezes Homeowners, Commercial Property Insurance Carriers
Higher construction material and labor costs have increased loss severity for homeowners and commercial property insurers, resulting in higher ex-catastrophe combined ratios by 2022, according to Moody’s Investors Service. Insurers are raising coverage levels and rates, but not nearly enough to cover rising construction costs. Catastrophes will also continue to shape the outcomes for these… Continue reading Moody’s Report: Inflation Squeezes Homeowners, Commercial Property Insurance Carriers
Fed Reserve Chair Powell Prepares for Possible Pivot If Inflation Risks Continue
Federal Reserve Chair Jerome Powell said on Wednesday that the US central bank must be prepared to respond if inflation does not fall in the second half of next year as most forecasters currently expect. Powell reiterated in his second day of congressional testimony that he and fellow policymakers will consider a faster wind-down of… Continue reading Fed Reserve Chair Powell Prepares for Possible Pivot If Inflation Risks Continue