Inflation is driving up the cost of everything from food, gas and basic necessities to vehicle replacement parts and construction supplies. It has risen just over 9% as compared to a year ago, climbing 5% in June alone.
Commercial property insurers are not immune to these impacts, and inflation has been a key driver in the high costs many are experiencing. Other stressors include large, catastrophic weather events, supply chain disruptions, labor challenges and the increased replacement costs for damaged buildings and equipment.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
