Inflation comes in many forms, and pretty much all of them are affecting insurers right now.
Tag: insurance and inflation
Inflation Pressures, Mounting Accidents, Flooding From Ian Hit Allstate, Other Insurers
The nation’s largest auto insurers, already struggling with high inflation and mounting accidents, are now facing losses from vehicles flooded by Hurricane Ian. Allstate Corp. announced Wednesday that it would take a $875 million charge to boost its claims reserves in its upcoming third-quarter earnings, primarily related to its auto-insurance business, as a result of… Continue reading Inflation Pressures, Mounting Accidents, Flooding From Ian Hit Allstate, Other Insurers
Swiss Re Says Global Insurance Premiums Will Exceed $7 Trillion this Year
In nominal terms, global insurance premiums are expected to exceed $7 trillion for the first time in 2022, driven by 6.1 percent growth, solid employment, income growth, a hardening P&C market environment, and increased risk awareness for mortality and health risks as a result of the COVID-19 pandemic. The Swiss Re Institute’s most recent world… Continue reading Swiss Re Says Global Insurance Premiums Will Exceed $7 Trillion this Year
Insurance Economists Say Inflation Remains a Concern
According to economists from leading insurers and reinsurers, ongoing high inflation threatens to harm the growth of insurance markets and global insurance penetration. “The global economy has become much more fragile again” as a result of inflationary pressures, unresolved supply chain disruptions, and the Ukraine war, according to the IMF. Munich Re’s chief economist, Michael… Continue reading Insurance Economists Say Inflation Remains a Concern