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Due to shortages in construction materials and labor, insurers can face delays when attempting to resolve claims. (Bannafarsai_Stock/Shutterstock) Due to shortages in construction materials and labor, insurers can face delays when attempting to resolve claims. (Bannafarsai_Stock/Shutterstock)

The effects of inflation, supply chain issues, labor shortages and elevated construction costs are felt across the entire insurance industry. Property, workers’ compensation, liability and other lines of business all face higher costs to resolve claims.

With higher claim payouts, insurers must reassess their insureds’ property values to establish appropriate premiums; change the contract policy designs to reduce the length of liabilities; and reduce risk  by purchasing reinsurance and maintaining investment income from stable assets.

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