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

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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.

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