A pile of euros Globally, economic loss from natural and manmade catastrophes has hit $268 billion in 2022 – far above the 10-year average of $81 billion. (Credit: licvin/Adobe Stock)

Claims inflation has greatly affected the European insurance market in 2022 thanks to factors like supply chain disruptions and Russia’s Invasion of Ukraine, and it has left claims professionals scrambling to keep up with increasing costs and operate within smaller margins.

In September 2022, Fitch Ratings released analysis of potential economic scenarios that displays how mid-to-high single-digit inflation throughout 2023 would affect the insurance sector. They predict, in this situation, that the P&C insurance markets most impacted would be in Italy, the U.K. and France.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

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