Three-headed monster of extreme weather, hyperinflation, and social inflation threaten insurance industry. (Credit: Iuliia KOVALOVA/Adobe Stock)
Insurance carriers and their customers have been hit with a trifecta that's impacting claims costs and the price of premiums.
In an interview with PropertyCasualty360.com, Peter McMurtrie, a partner in West Monroe's Insurance vertical, called the combination a "three-headed monster," with extreme weather inflating claims severity and loss costs, hyperinflation driving up labor and material costs, and social inflation bloating claim costs.
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
