In a more connected world, insurers also have an opportunity to minimize risk while generating new sources of revenue. Photo: SomYuZu/Adobe Stock;
Today's insurers are dealing with one of our decade's most challenging economic climates. For the first time in a long time, multiple factors are causing grueling operating environments. Inflation rates and interest rates continue to rise and remain high. This has driven material and operational costs and expenses to increase substantially. A report from Deloitte noted that as of May 2022, average replacement costs were up 16.3%, nearly twice the Consumer Price Index rise.
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