Economic and Social inflation challenges insurance sector
Businesses often query what influences the cost of their insurance and one major factor is ‘inflation’. However, there are different types of inflation that impact the insurance sector; Social Inflation and Economic Inflation. Whilst UK economic inflation has been reported to have fallen to below 2% as at 16 Oct 2024, rates of economic inflation […]
Insurance claims inflation not reflected in pricing
Claims inflation trends are likely to remain an important feature in 2024 but insurance pricing fails to adequately reflect this according to Bloomberg Intelligence’s (BI) European P&C insurance full-year outlook. Analysts noted the lag that exists between insurers raising rates and those dropping through to the bottom line. Aside from cyber insurance, BI says there […]