kennedys – Cost of living crisis and climate change driving higher claims for insurers globally

The cost of living crisis and climate change are two of the key factors driving excess claims inflation.

Kennedys' October 2023 report “Claims inflation in non-injury insurance losses: a global review” considers those factors perceived to be continuing to drive excess claims inflation including: higher than economic inflation price rises across a range of goods and services; the impact of the pandemic and the Russia/Ukraine war on supply chains; and frustration at governments and corporations whose rhetoric may not match real world experience.