PropertyCasualty360’s Post

The severity of losses in several US casualty #insurance lines has surpassed economic #inflation in the past decade, suggesting additional factors affecting claims costs. Explore the impact of social inflation in the article for more insights.

The severity of losses in several US casualty #insurance lines has surpassed economic #inflation in the past decade, suggesting additional factors affecting claims costs. Explore the impact of social inflation in the article for more insights.

The severity of losses in several US casualty #insurance lines has surpassed economic #inflation in the past decade, suggesting additional factors affecting claims costs. Explore the impact of social inflation in the article for more insights.

When the economy grows, it creates a good environment for the insurance industry. People have more disposable income, which means they buy more insurance products, and insurers see higher investment returns. Growth also boosts consumer confidence, lowers claim frequencies, encourages new product ideas, increases competition, and can lead to better regulations. On the flip side, economic downturns can have the opposite impact, showing just how tied the insurance sector is to the health of the economy.

Social inflation is a growing concern in the insurance industry, causing insurance claims costs to rise due to changing socioeconomic, legal and behavioral trends. This phenomenon has led to an increase in large payouts and frequent verdicts over $1 million, impacting businesses of all sizes. Learn more from Erich Bublitz in PIA Northeast. #InsuranceIndustry #SocialInflation #BusinessChallenges

Economic drivers of the U.S. property/casualty insurance industry are growing faster than U.S. GDP and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to Triple-I's latest Insurance Economics Outlook.

The economic drivers of the U.S. property/casualty (P/C) insurance industry are growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook. Triple-I forecasts P&C underlying growth to increase to 3.4% in 2024, 1.2% above the Fed’s GDP forecast of 2.2%. P&C underlying growth is expected to continue outperforming overall GDP growth into 2025 and 2026. https://lnkd.in/dubN7_KV

Read here: https://lnkd.in/e_ttxtjb AM Best has revised its market segment outlook on the #Philippines non-life #insurance market to Stable from Negative, citing factors that include strong investment yields amid insurance market and economic growth. #nonlife #nonlifeinsurance #insuranceindustry

💹 P&C GROWTH 💹 📍 According to Insurance Information Institute, P&C underwriting growth has caught up to the U.S. GDP, and "is expected to continue outperforming overall GDP growth into 2025 and 2026." 📍 Economic drivers of P&C are expected to grow throughout the year in the event of rate cuts.

U.S. property/casualty insurance replacement costs are now increasing at a slower pace than overall inflation and will likely continue to do so for the next 24 months, according to the latest Triple-I Insurance Economics Outlook. Learn more: https://bit.ly/3UAYVQp #insurance #propertycasualty #economics