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There are several reasons why insurance professionals should keep an eye on the inflation rate, which hit 8.3% in April 2022, down just slightly from 8.5% the previous month. Both rates represent historically high prices in the U.S.
The higher the rate of inflation, the more it will cost insurance companies and agencies to run operations, according to Conning. This could result in lower income ratios, a decrease in reserves and ultimately, higher rates.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
