Analysis: The inflation challenge
The ever-increasing rate of inflation in the UK and certainty of more to come has led to warnings of challenges for brokers and insurers alike with issues ranging from difficult conversations on premium rises to underinsurance and the prospect of turning to unrated providers. Emmanuel Kenning reports.
The Consumer Prices Index measure of inflation hit 6.2% in February its highest level in 30 years. The Bank of England had forecast at the start of February that it will reach 7.25% this year before falling back to around 2% in a couple of years. In mid-March it revised the forecast to “around” 8% in the second quarter and “perhaps even higher later this year” (see graph, below).
In February Allianz UK CEO Colm Holmes warned: “Inflation is probably the big factor in the rating environment in
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Hedron CEO Haggart eyes-up offering branded products
Chris Haggart, CEO of Hedron, intends to offer branded products drawing on the strength of the partnership with Broker Insights it entered into last year.
RSA and NIG brands to become one next year but undecided on name
In an update to brokers on the NIG deal, RSA commercial lines managing director Sonya Bryson explained there will still be two sets of products and systems on 1 May, with all remaining the same in the short term.
Biba Conference 2024 countdown: LexisNexis’s Dan Cicchetti
Dan Cicchetti, senior director of client engagement in the UK and Ireland at LexisNexis Risk Solutions, looks forward to showcasing vehicle data solutions on its stand, before heading to Box Bar Manchester for another of its legendary client evenings.
People Moves: 15 – 19 April 2023
Stay in the loop with the latest insurance personnel moves.
Pen inks £150m social housing capacity deal with SiriusPoint
Pen Underwriting has announced a new long-term capacity deal with SiriusPoint.
First fall in car premiums for over two years
Comprehensive car insurance premiums fell by 5% in the first three months of 2024 after nine consecutive quarters of rises, according to the latest research from Confused/WTW.
Biba Conference 2024 countdown: iprism’s Brad Harmer
In the latest in our series of Biba previews, Brad Harmer, chief commercial officer at iprism, teases a digital challenge on its stand and why he won’t be missing astronaut Tim Peake’s speech.
Allianz appoints Ktenidis director of digital trading & ALP as Bryant leaves
Allianz Commercial has named Alex Ktenidis as director of digital trading and Allianz Legal Protection effective immediately, succeeding Helen Bryant.
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- Covéa cuts losses but underwriting deficit grows
- JMG strikes its biggest deal of 2024 with BQI swoop