UK - insurers to raise premiums to offset inflation
Saturday, 08 26 2017, Category: Insurance and Reinsurance, Country: United Kingdom
UK non-life insurers are set to increase motor and household premiums to counteract claims inflation, Fitch Ratings said on Aug. 24.
Motor insurers are expected to raise premiums to offset rising claims costs in the absence of further changes to the Ogden discount rate, according to a report titled ‘UK Non-Life Company Market Insurance – Mid-Year Update’. The declining trend in household premiums is also likely to reverse as insurers take pricing actions to counteract increasing claims inflation, according to Fitch.
Source: Intelligent Insurer