Casualty claims inflation: The biggest claims risk for insurers?
Drivers, impacts and mitigation tactics
Today’s trend for claims inflation in the UK is affecting many areas of insurance, casualty in particular, and is being driven by a multitude of macro-economic as well as sector-specific factors. High energy costs, supply chain issues, the cost-of-living crisis, labour shortages and the after-effects of Brexit and COVID-19 are all pushing up the cost of claims. At the same time, legislation reforms—designed to curb compensation in some parts of the market—are triggering ‘claims building’ in other areas. It’s a challenging mix of pressures that is likely to continue for some time.
In this series of articles and podcasts, we unpack the key issues, examining the specific drivers and impacts of claims inflation in six different areas of the casualty claims space, and identify what insurers and compensators can do to mitigate the effects and protect themselves from rising costs.
Claims inflation: Catastrophic Injury & Large Loss
Claims inflation: Property Damage
Claims inflation: Credit Hire
Introduction to the Casualty Claims Inflation series
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